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. According to the report, individuals who refuse or reject legal tender could be subject to a $123-$1,230 fine.
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. According to China News Service, the bill has been approved and will be forwarded to legislative council to continue 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 found in violation of the law will face a fine between $123-$1,237 (1,000 and 10,000 patacas).
China’s special administrative region has approximately 680,000 people living in 12.7-square mile areas. This makes it one of the most populous regions worldwide. Mid-April 2018 saw financial authorities in Macau issue a warning about an initial coin offer (ICO) that was linked to a former triad leader. 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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