ASIA: Macau govt. to introduce virtual currency to combat money laundering, tax evasion.

As published on theindianwire.com, Thursday 15 April, 2021.

Macau government is keen on introducing virtual currency to its market. Towards this end, the govt. is planning to amend its laws to regulate the issuance of a virtual RMB.

This is being done to combat money laundering and tax evasion. On the introduction of digital currency, CEO Ho Iat Seng said: “We will keep communication with the People’s Bank of China and start a feasibility study around launching the digital RMB in Macau,” he said. “Therefore, we need to add provisions in relevant law to allow for the introduction of digital currencies.”

China already has legalized the use of digital currency in 6 main cities and Macau intends to follow that approach in the face of affected gambling industry owing to pandemic.

The travel restrictions too, have impacted the industry. The government officials believe that the introduction of digital currency would not only allow the govt. to be in control of the money but also prevent tax evasion and money laundering. It would also be helpful in easier money flow across the economy.

FINTECH: Digital money can res…