China eyes digital currencies for casinos

The Chinese Gaming Inspection and Coordination Bureau (DICJ) is reportedly in discussions to adopt the e-yuan as currency and allow purchases of casino chips in local gaming properties, and specifically Macau.

China, which currently allows gambling exclusively in the special administrative region of Macau, may seek to introduce state-backed cryptocurrency gambling opportunities in five trial regions, including Shenzhen, Suzhou, Xiong’an, Chengdu, and a fifth location allocated for the hosting of the Winter Olympics.

Despite the reports by Bloomberg, there has been no official statement made by the People's Bank of China, the country's central bank, which regulates and issues any currency in the country, including the e-yuan.

Introducing the e-yuan may consolidate China's control over its gambling industry and boost transparency.

The country has been struggling to limit the capital outflow as billions of dollars leave the country to foreign gambling venues in clandestine operations often backed by junket operators.

Moving forward, however, Chinese gamblers will probably have to stick with domestic opportunities as, should the e-yuan be introduced, it will have limited conversion power against other currencies.

Meanwhile, digital currencies are already used in several casinos, including mBitCasino, FortuneJack, 1xBit, and many others.

Consumers have rallied around the idea of using cryptocurrencies, but China still proves a difficult nut to crack for most companies when it comes to igaming, which is limited to the national lottery.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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