According to a report, Macau, one of China’s special administrative regions, recently finished debating a bill that would make digital currencies legal tender. A fine of between $123 and $1,230 may be imposed on those who refuse to accept legal tender, according to the report.
Improving Macau’s Legal System
An executive council of Macau, a special administrative region on the south coast of China, recently finished debating a draft bill that would include digital forms of money in its list of accepted financial instruments. The bill is now scheduled to be sent to the legislative council for additional deliberations, as detailed in the China News Service report.
The Legal System for the Establishment and Issuance of Currency, also known as the Macau draft bill, is said to aim to ensure that digital money and other forms of money have “equal status” in addition to improving the current legal system.
According to the report, anyone who rejects or refuses to accept any of the designated currencies as legal tender after the laws go into effect will be breaking the law in the Macau Special Administrative Region. People who break the law will be fined between $123 and $1,237. (1,000 patacas and 10,000 patacas).
The most densely populated region on earth is the special administrative region of China, which has about 680,000 people living in a 12.7 square mile area. Financial authorities in Macau issued a warning about an initial coin offering (ICO) linked to a former triad boss in the middle of April 2018. According to reports, Success Universe Group Ltd, a stakeholder in Macau’s Ponte 16 casino, bought bitcoin worth $1.3 million last year (BTC).