Hong Kong initiates second phase of digital currency testing; Macau follows suit.

In 2020, Macau’s Gaming Inspection and Coordination Bureau (DICJ) denied any plans to adopt the digital yuan within city casinos or allow digital wallets to be used on gaming floors.

However, the Hong Kong Monetary Authority (HKMA) has now launched the second phase of its e-HKD Pilot Programme. This phase aims to explore innovative applications of digital currency for both individuals and businesses.

According to reports from Hong Kong, 11 groups from various industries have been selected to participate in this phase, which focuses on testing offline and cross-border payments. Participants include major institutions such as Hang Seng Bank, HSBC, Standard Chartered, Bank of China (Hong Kong), and BlackRock. The tests will concentrate on tokenized asset settlement, programmability, and offline payments.

In response to HKMA’s advancements, the Monetary Authority of Macau has revealed plans for its own prototype system to introduce the “Digital Macau Dollar” by the end of the year.

While specific details about the “Digital Macau Dollar” have not yet been disclosed, the announcement suggests that digital currency could eventually play a role in Macau’s gaming and gambling industry.

In the realm of cross-border partnerships, Melco recently held a Macau tourism roadshow at its City of Dreams Mediterranean resort in Cyprus. Macau has seen a recent surge in tourism, boosting revenues in its gaming and hospitality sectors, though this has also led to a rise in gaming-related crimes.