Not the brightest piece of news for crypto enthusiasts in Macau – Paulo Martins Chan, Gaming Inspection and Co-ordination Bureau Director, stated during the G2E Asia Conference on Wednesday that Macau will not be authorizing cryptocurrency-related gambling operations. Not any time soon, in any case.
He said: “There have been no cryptocurrencies accepted in casinos and these products have not been officially introduced in Macau. […] We put a focus on financial security and from our knowledge, the Macao Monetary Authority (AMCM) also does not encourage the use or products in the market, especially in the gaming sector. We haven’t authorised any cryptocurrency related product.”
As of now, cryptocurrency deals are not illegal for private parties but AMCM has recently stated that cryptocurrencies are illegal and has urged the residents of Macau not to invest in cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Last month, one of the residents of Macau was arrested for fraud through promotion of sales of virtual currencies, with SJM gaming operator being the target. Company, Dragon Coin, intends to launch their own junket operations based on cryptocurrencies in Q2 of this year. Their objective was to raise $500 million with the help of local junket partners. Martins Chan has explained that DICJ, “immediately stated in co-operation with AMCM that that company doesn’t belong to any gaming operator in Macau, any junket operator or VIP gaming promotor, so it doesn’t have any relationship with Macau.”
Source:
“Gaming related cryptocurrency projects will not be authorised in Macau anytime soon”, macaubusiness.com, May 16, 2018
Daniel Hughother
5 years ago
It's the first thing to directly challenge any government's ability to control money. It's got to be scary losing control, but as with most things banning it, refusing to make it legal, etc.. only serves to spread the word to people who would otherwise never bother with it. The fraud and whatnot is an excuse to give time...
It's the first thing to directly challenge any government's ability to control money. It's got to be scary losing control, but as with most things banning it, refusing to make it legal, etc.. only serves to spread the word to people who would otherwise never bother with it. The fraud and whatnot is an excuse to give time for investigation on how to make the transition more in favor of the government. Where there is money, there is fraud.. i'm sure when credit cards came out there was a resistance as well. As long as power companies dont raise your bill to the sky for using crypto, i don't think it's going anywhere.
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Mila
5 years ago
There will be always people who want to earn money by fraud...I don't see the reason to ban investments in cryptocurrencies just because some guys tryed to abuse the system.
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Marinna
5 years ago
They can only try to resist the influence of cryptocurrencies on gambling industry, but it's just a question of time when it's going to be accepted.
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VaRiXD
5 years ago
They will eventually... Cryptocurrency is the future specially Blockchain as so may embrace it Samsung, Apple, Microsoft ( Not Bill Gates the hypocryte lol ) JpMorgan, Nasdaq UPayCard Supports Ripple and so on.... most casino Online accept Crypto so just move on they can't stop the technology
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