Macau to widen e-MOP sandbox tests across public services and transport

 jun26

The Macau government is expanding sandbox trials for its digital pataca (e-MOP) into public transport, e-government services, and university campuses following the completion of its core infrastructure.

The Monetary Authority is also advancing cross-border central bank digital currency initiatives, with local mBridge transactions already reaching nearly MOP1.3 billion

The Macau government plans to broaden sandbox testing for the digital pataca, or e-MOP, to more public-facing scenarios, including e-government services, public transport, and university campuses, as it prepares the next phase of the city’s central bank digital currency project.

In a reply to legislator Si Ka Lon, the Monetary Authority of Macao (AMCM) said the basic infrastructure and core system for the e-MOP were completed at the end of last year. Testing is now being carried out under the principles of safety, risk controllability, and prudence.

The next phase will see the digital currency trialled in an orderly manner across different sectors and user groups. The AMCM has been presenting the e-MOP to various public departments, collecting feedback, and reviewing the sandbox process to refine the system’s functions.

Public transport among next testing areas

The Transport Bureau will coordinate with relevant departments, within its remit, to support the use of the e-MOP in public transport.

The bureau has been promoting diversified electronic payment methods across the city’s transport network, creating a potential entry point for the digital pataca in daily low-value transactions.

In his enquiry, Si said the e-MOP project was moving from policy design to practical testing, following the publication of the digital pataca white paper at the end of 2024 and the completion of the first phase of system development. He asked how the government planned to expand the scale of testing, including in public transport and smart contract applications, and whether related laws and supporting guidelines would be amended in parallel to speed up implementation.

mBridge transactions reach MOP1.3 billion

Macau has also started applying central bank digital currency technology in cross-border transactions after the AMCM became a full member of the Multiple Central Bank Digital Currency Bridge, known as mBridge, earlier this year.

In the first phase, 11 local banks were authorised to conduct related business. On 2 June, the first day of system operation, three banks completed 23 cross-border transactions covering trade settlement and international remittances.

The total transaction amount was equivalent to nearly MOP1.3 billion (US$161 million), marking a practical step for Macau in the cross-border use of central bank digital currencies. Si also asked about the technical progress of linking the e-MOP with mBridge, the possible use of the digital pataca to build a China–Portuguese-speaking countries settlement channel, and risk controls for cross-border use, data flows, and multi-jurisdictional regulatory coordination.

Legal framework to follow

The AMCM said it would continue to explore links between the e-MOP infrastructure and central bank digital currency systems or other financial infrastructure in different countries and regions.

The government also plans to strengthen communication with Portuguese-speaking countries and regions, with the aim of expanding Macau’s international cooperation network and supporting its role as a financial services platform between China and Portuguese-speaking countries. Domestically, the e-MOP system is expected to strengthen Macau’s financial infrastructure. Planned work includes improving the efficiency of transaction switching, reconciliation, clearing, and settlement under Simple Pay, with the objective of shortening settlement cycles for merchants and improving the business environment.

The AMCM said it would proceed with the orderly drafting of a complete legal and regulatory framework for the e-MOP, so that the currency can be supervised by law and operate under clear rules once formally launched.

The legal affairs authorities will provide technical legal support and promote the subsequent legislative process for the e-MOP.

https://macaubusiness.com/macau-to-widen-e-mop-sandbox-tests-across-public-services-and-transport/

Comments

Post a Comment

Popular posts from this blog

Anúncio em setembro24

Image
1º ANUNCIO e-MOP prototype to be unveiled before the year-end: CE  Renato Marques, MDT  Tuesday, September 24, 2024 - 3 days ago  No Comments  2,147 Views T he prototype of Macau’s digital currency (e-MOP) will be revealed before year-end, the Chief Executive (CE), Ho Iat Seng, said yesterday morning during the opening ceremony of the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries. In his speech, the CE announced that the e-MOP prototype will be unveiled before the end of this year, presenting basic features that will lay the groundwork for future applications and uses. Ho hinted that the release would occur as part of the celebrations around the 25th anniversary of the Macau handover, which takes place on Dec. 20. “This edition of the conference will be a platform for the exchange of ideas concerning financial cooperation between China and Portuguese-speaking countries, Macau’s role as a Sino-Portugue...
Read more

peça MB outu 24 (muito desenvolvida)

Image
 (retrospetiva?) Going Cashless By   Tony Lai Following a revision to local laws to confirm the status of digital currency as Macao’s legal tender, the city is putting forward a work plan in three phases to test and pilot its digital fiat currency, e-MOP, with a public display of the prototype by year-end and a trial operation scheduled by the end of 2025. By Tony Lai With the waning use of cash in the post-Covid era and the emergence of cryptocurrencies, global economies have begun exploring the possibilities of central bank digital currency (CBDC) — digital money issued and backed by a central bank. In this direction, Macao has taken a significant step in recent times, unveiling a three-phase plan to test and pilot its digital fiat currency, e-MOP, prior to an official launch. In September, the Macao government disclosed that it has worked with the Digital Currency Research Institute under the People’s Bank of China (PBOC) for the research and development of its CBDC. An e-M...
Read more