Macau Casinos Say Bitcoin Is Not A Legal Tender? The monetary authority in Macau has talked tough against the bitcoin. This harsh stand comes at a time the cryptocurrency is facing a lot of fierce criticism from major players in the online currency industry. Just late last week, ACCM warned local banks and other financial institutions that they are not in any way authorized from providing any services that are related to virtual currency, something that seems to involve the bitcoin directly.
In particular, ACCM warned that bitcoin was neither legal nor a financial instrument that is safe for use in any business thus suggesting that the cryptocurrency is under careful supervision.
Bitcoin Is Not A Legal Tender, Warns Macau’s ACCM, Affecting Dragon Corp’s $500 Million Planned ICO
Although the announcement from the authority came towards the very end of last week, implications have been seen. Macau casinos recorded meager revenues over the weekend. When Macau is issuing a warning that is likely to complete the use of bitcoin and other related digital currencies within their territory, Dragon Corps had planned for a whopping $500 million to bitcoin as its initial coin offering ICO.
If you thought that the warned was lenient, then you might be wrong. In that press statement by ACCM that sounded well-founded and resolved, the authority further urged banks and all payment processors. They warned them on the ground that they will be prosecuted if they have anything to do with ICO, which is a process that allows a percentage of a new currency, in this case, the Bitcoin to be given to backers saying that the transaction itself is ‘unregulated’ thus a criminal offense.
“Any trading or involvement in these new commodities poses considerable risks, which include but not limited to things like money laundering, terrorism financing, things which participants may not beware but should always remain vigilant,” ACCM said in a statement last Thursday.
The authority’s stern measure is likely to cause a lot of harm to Dragon Corp, which is based in Macau and its business partner Wi Holding that is located in Thailand.
These two companies had announced that they were going to offer an excess of $500 million as their ICO, which would assist in the building of Dragon Peral floating gaming facility. In what could be thought to be an ingenious means of getting the mercies of the people the company had gone on record saying that it would allow members of the public to have a fair stake of the Macau Casino.
However, the company’s ‘noble’ plan seems thwarted after ACCM’s announcement last Thursday. The financial authority’s warning to local and foreign financial institution dealing with digital currencies is just one of the latest effort to face out bitcoin from Macau casinos and other virtual businesses.
It should be remembered that Chinese authorities have launched serious crackdowns on the bitcoin since the beginning of September, rendering most cyber currency exchangers jobless. In fact, Beijing declared that all ICO’s are indeed illegal in Chinese mainland and thus other Chinese territories should follow suit. In recent months, the value of the bitcoin has plunged following criticism. However, it seems to rally yet again.