It was reported that Macau, one of China’s special administrative regions, has recently completed deliberations on a bill that seeks to make digital currency legal tender. The report also suggested that individuals who refused or refused to accept legal tender would be fined between $123 and $1230.
Improving Macau’s Legal System
The Executive Yuan of Macau, an autonomous region on China’s south coast, recently completed deliberations on a bill proposing the inclusion of digital forms of currency in the basket of financial instruments accepted as legal tender. As explained in a reportby the China Newspaper, the bill is currently under consideration. The bill will now be submitted to the Legislative Yuan for further consideration.
According to the report, the Macau bill, also referred to as the “Legislation on the Establishment and Issuance of Currency,” aims not only to improve the current legal system but also to ensure that digital money and other forms of money have “equal status.”
The report explains that once the law takes effect, anyone who refuses or refuses to accept any of the designated currencies as legal tender will be in violation of the legal statutes of the Macau Special Administrative Region. Individuals who violate the law will be fined between $123 and $1,237 (1,000 and 10,000 patacas).
The Special Administrative Region of China, with a population of approximately 680,000 people in a 12.7 square mile area, is the mostdensely populated regionin the world.In mid-April 2018, Macau’s financial authoritiesissued an initial coin offering (ICO) in connection with former Triad boss ICO), and issued a warningregarding the matter. Last year, Success Universe Group Ltd, an investor in Macau’s Ponte 16 casino,reportedlypurchased $1.3 million worth of bitcoins (BTC
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