Macau Plans Digital Currency With Soft And Hard Wallets

According to Odaily, Macau's Monetary Authority Chairman, Chan Sau Sin, has unveiled preliminary plans for the introduction of the 'Digital Macau Pataca' with both soft and hard wallet options. The hard wallet could take the form of a card or be integrated with smart devices, making it convenient for the elderly and children. The soft wallet will be available as a mobile application. Chan emphasized that the Digital Macau Pataca will hold the same legal status as cash, allowing it to be used in any scenario where cash is accepted. The wholesale version of the digital currency will be primarily for regulated financial institutions, facilitating transfers and financial transaction settlements. The development of the Digital Macau Pataca will proceed in three stages. The first stage involves the creation of a prototype system, which will be publicly demonstrated in December this year. The second stage will be a closed internal trial, conducted on a whitelist basis for internal validation. The third stage will be a comprehensive public test, integrating the digital currency into public payment scenarios in an orderly manner. This stage will also include the wholesale-level Central Bank Digital Currency (CBDC) project, focusing on interbank settlements and exploring the extension of the Digital Macau Pataca to cross-border payments.