Macau, one of China’s 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.
Improving Macau’s Legal System
An executive council of Macau, an autonomous region on China’s 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, the bill is now set to be forwarded to the legislative council for further deliberations.
According to the report, Macau’s 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 “equal status.”
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’s legal statutes. Individuals that are in violation will be fined between $123 and $1,237 (1,000 patacas and 10,000 patacas).
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 worldwide. In mid-April 2018, Financial authorities in Macau issued a warning over an initial coin offering (ICO) linked to a former triad boss. Last year, Success Universe Group Ltd, an investor in Macau’s casino Ponte 16, reportedly purchased $1.3 million worth of bitcoin (BTC).
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