No to virtual currencies


A release from the Macao Monetary Authority notes that the Chinese authorities issued a notice to advise all the banking and payment institutions in the MSAR not to take part in or provide, directly or indirectly, any financial services for any virtual commodities last week, according to a press release from the Macao Monetary Authority (AMCM).
AMCM warned the public that any trading in virtual commodities such as Bitcoin involves risks, including illegal practices such as potential money laundering and the financing of terrorism.
AMCM stated in its press release yesterday that virtual commodities are neither legal tender nor a financial instrument subject to supervision.
Authorities on the Mainland have recently imposed stringent regulations on the trade of tokens, with financial institutions and non-bank payment institutions prohibited from providing services for tokens and virtual currencies.
Cryprocurrencies such as bitcoin are used on a number of online gaming platforms, while the gaming watchdog (DICJ) head Paulo Martins Chan reiterated to the press on Tuesday that the MSAR Government has never approved any online gaming activities in Macau.