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Chinese cryptocurrency could be deadly for the Macau gambling industry. Operators have suffered as a result of the COVID-19, and now some of them may disappear altogether after the Chinese folk cryptocurrency is officially introduced in the country.
One of the main concerns for the casino industry is the potential "traceability" of digital currency. With the help of it, the Chinese authorities are trying to nullify all attempts to launder funds and illegal financial transactions. Since the implementation of such manipulations becomes almost unrealistic.
About 70% of chinese tourists come to Macau every year. But now the gaming business in the only administrative region where it is allowed may “collapse”. Against the backdrop of COVID-19, according to some reports, Macau's casino industry revenues collapsed by 60% compared to 2019.
Now, all funding channels that seem “not transparent enough” to Beijing will be closed, and thousands of people will be arrested for illegal cross-border gambling activities. In addition, gambling operators have concerns that the authorities intend to introduce a transaction limit for the year. It is much easier to do this with a new digital token than with cash. Against this background, clients began to rush to withdraw all their assets, causing a wave of serious liquidity problems.
After the successful testing of the popular Chinese cryptocurrency in the regions of Suzhou, Chengdu, Shenzhen and Xiong'an, it will also come to Macau. It's just a matter of time. The only option that one of the leaders of local casinos sees in this situation is to follow the pace of integration of the digital yuan and cooperate with the People's Bank of China while it integrates various amendments to quickly adapt the new generation currency in the country.
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