Analysts at international brokerage Sanford C Bernstein Limited say mainland casino customers in the region are now obliged to use cross-border remittance stations to exchange Chinese cash for Hong Kong dollars, the currency chosen in Macau. 바카라사이트 추천
Tianjiao Yu and Vitaly Umansky reportedly used their research report to suggest that adopting a digital yuan currency on Macau’s gambling floor would help local law enforcement authorities crack down on moneylenders, underground banks and all other forms of unlicensed currency exchange that have long plagued many casinos and surrounding areas in Macau.
“The digital yuan will be able to tighten the Chinese government’s scrutiny and control over the flow of funds. It will also make it easier to transfer funds, eliminating the need to use intermediaries such as junkets, underground banks or pawn shops. Public and premium public play will definitely benefit from the easy flow of funds.”
But Sanford C Bernstein Limited Fair reportedly said it could ‘negatively impact casinos’ if Chinese officials decide to place daily withdrawal limits on digital currencies. They said the move could reportedly lead to an increase in illegal currency exchange operations that Macau has been seriously attempting to eliminate “since 2015.”
The introduction of digital currency into Macau casinos could be a headache for many junket operators in Macau, who have long handled remittances from celebrities through credit-granting while processing all bond collection activities simultaneously, the sources added.
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However, Yu and Umansky reportedly declared that while it is a “long process” for China’s yuan to be digitally introduced into casinos, the expected “internationalization” would greatly help increase the likelihood of becoming “Macao’s standard currency.”
“At the end of the day, digital transactions will become the norm and cash, as we know they will become historical artifacts. But this is going to be an evolutionary development that is likely to take years.”