{"id":32278,"date":"2022-10-17T08:56:27","date_gmt":"2022-10-17T08:56:27","guid":{"rendered":"http:\/\/egrowonline.com\/?p=32278"},"modified":"2022-10-17T08:56:27","modified_gmt":"2022-10-17T08:56:27","slug":"report-macau-discusses-bill-that-proposes-to-make-digital-currencies-legal-tender","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=32278","title":{"rendered":"Report: Macau Discusses Bill That Proposes to Make Digital Currencies Legal Tender"},"content":{"rendered":"


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Macau, one of China\u2019s special administrative regions, recently concluded discussing a bill that seeks to make digital currencies legal tender, a report has said. The report also suggested that individuals who reject or refuse to accept legal tender will be fined between $123 and $1,230. <\/strong><\/p>\n

Improving Macau\u2019s Legal System<\/h2>\n

An executive council of Macau, an autonomous region on China\u2019s south coast, recently completed discussing the draft bill proposing to include digital forms of currency in its basket of financial instruments that are accepted as legal tender. As explained in the China News Service report<\/a>, the bill is now set to be forwarded to the legislative council for further deliberations.<\/p>\n

According to the report, Macau\u2019s draft bill, also known as the Legal System for the Establishment and Issuance of Currency, not only seeks to improve the current legal system but to also ensure digital money and other forms of money have \u201cequal status.\u201d<\/p>\n

The report explained that once the laws are in place, anyone who rejects or refuses to accept any as legal tender any of the designated currencies will violate Macau Special Administrative Region\u2019s legal statutes. Individuals that are in violation will be fined between $123 and $1,237 (1,000 patacas and 10,000 patacas).<\/p>\n

The special administrative region of China, has a population of around 680,000 inhabitants in a 12.7 square mile region, making it the most densely populated region<\/a> worldwide. In mid-April 2018, Financial authorities in Macau issued a warning<\/a> over an initial coin offering (ICO) linked to a former triad boss. Last year, Success Universe Group Ltd, an investor in Macau\u2019s casino Ponte 16, reportedly<\/a> purchased $1.3 million worth of bitcoin (BTC<\/a>).<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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Terence Zimwara<\/h6>\n

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.



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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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