The Macau SAR Government has completed the development of the Digital Macau Dollar, known as e-MOP, which will soon enter testing phases. This digital currency will hold the same legal value as traditional cash and cannot be declined by merchants. e-MOP will offer two wallet types: “soft wallets” for mobile app transactions and “hard wallets” for card-based storage. It is expected to connect with China’s digital Renminbi and Hong Kong’s digital Dollar for seamless payments. The Macau government aims for a secure launch with strong infrastructure while ensuring it meets regulatory standards. However, it remains unclear if e-MOP will be usable in casinos.
The Macau SAR Government recently announced an important development regarding its new digital currency, known as the Digital Macau Dollar or e-MOP. The prototype of this digital currency has been completed and is set for sandbox and public testing soon. There is an exciting possibility that the e-MOP may eventually connect with China’s digital Renminbi (e-CNY) and the digital Hong Kong Dollar (e-HKD).
According to Chan Sau San, the Chairman of the Monetary Authority of Macau (AMCM), the e-MOP will be considered legal tender just like physical currency, meaning merchants won’t be able to refuse it. Initially, the focus will be on retail transactions, which aims to enhance the shopping experience for consumers.
The e-MOP will be available in two forms: “soft wallets” and “hard wallets.” Soft wallets will function as mobile applications that allow users to transfer and reload funds, while hard wallets will exist as cards to store digital currency. To facilitate cash reloading, the government plans to implement self-service money exchangers, allowing users to convert MOP or other foreign currencies.
These wallet systems resemble those used in popular cryptocurrencies, where a “soft wallet” is for quick transactions, and a “hard wallet” is useful for long-term storage. However, it is crucial to note that e-MOP is a Central Bank Digital Currency (CBDC), making it legal tender in its own right.
Chan emphasized that the full launch of e-MOP will occur only when the infrastructure is secure and risks are manageable. He also mentioned plans to promote connections with the e-CNY and e-HKD to improve payment systems in the Greater Bay Area.
China’s e-CNY has been undergoing trials since August 2020, and the e-HKD is in its second launch phase. The move towards a digital MOP comes after the regulatory law for its issuance took effect in November 2023, declaring it as legal tender, just like banknotes.
Despite this advancement, there have been no updates on whether e-MOP will be usable in casinos. In a previous interview, Professor Jack So Yuk-Chow from the Macau University of Science and Technology highlighted that if the digital MOP includes a real-name system, it could effectively combat money laundering and positively impact the gaming industry.
In summary, the introduction of the Digital Macau Dollar represents a significant step toward modernizing the monetary system in Macau, aligning it with digital trends seen globally. As testing progresses, the potential for more seamless financial transactions in the region looks promising.
Keywords: Digital Macau Dollar, e-MOP, Macau Government.
Secondary keywords: Central Bank Digital Currency, electronic currency, payment systems.
What is the Prototype system of digital Macau currency?
The Prototype system of digital Macau currency is a new digital money being tested in Macau. It’s designed to make online and in-store payments easier and faster for people in the region.
How does digital Macau currency work?
Digital Macau currency works like digital cash. You can use it to pay for things with your phone or other devices. It will help reduce cash use and make transactions more convenient and secure.
Will digital Macau currency be linked to digital Renminbi?
Yes, there are plans for digital Macau currency to possibly link with digital Renminbi in the future. This could help make transactions between Macau and mainland China easier.
When will the digital Macau currency be available for everyone?
Currently, the prototype is being tested. There is no exact date for when the digital Macau currency will be widely available, but updates will be shared as the project continues to develop.
Why is a digital currency important for Macau?
A digital currency is important for Macau because it can improve the economy. It can make payments faster, reduce transaction costs, and attract more businesses and tourists who prefer digital payment methods.
