During the presentation of the political program for 2025, focusing on the economy and finance of the new government of Macau, Anton Tai Kin Ip revealed that he discussed the idea with Portugal’s central bank during a recent visit to the country.
A delegation led by Tai Kin Ip was in Lisbon from March 4 to 6, where they met with officials from the Bank of Portugal, including board member Luís Morais Sarmento.
At the end of March, the secretary’s office stated in a communiqué that the meetings aimed to “negotiate the consolidation and deepening of cooperation between Macau and Portugal in the fields of science, technology, economy, and trade.”
Tai Kin Ip informed lawmakers today that he intends to visit more Portuguese-speaking countries in the future to seek support for the adoption of the digital pataca.
The secretary pledged to leverage the advantages of the digital pataca as a currency that will circulate freely across Macau’s borders, an economy open to capital flows.
In contrast, the Chinese currency, the renminbi, is not fully convertible to other currencies, and Beijing authorities impose strict controls on capital flows, especially out of the country.
Trade between Portuguese-speaking countries and China reached $225.2 billion (216.6 billion euros) last year, marking a 2% increase from 2023, according to data from China’s Customs Services.
The prototype of the Macau digital pataca system (e-Mop) was launched on December 12, eight days before the end of the previous government leader Ho Iat Seng’s term.
In September, the region’s financial regulator noted that the digital pataca could “serve as an example for Portuguese-speaking countries.”
The President of the Macau Monetary Authority (AMCM), Benjamin Chan Sau San, spoke at the second Conference of Central Bank Governors and Financial Area Executives between China and Portuguese-speaking Countries, which was held in Macau.
At the event’s opening, Ho Iat Seng stated that the development of the e-Mop was supported by the government and China’s central bank, which was the first major economy in the world to launch a digital currency, the digital renminbi or e-CNY, in August 2020.
In September, the AMCM explained that prior to the official launch of the digital pataca, it would conduct tests to identify risks and “establish laws and regulations.”
The regulator emphasized that, unlike private cryptocurrencies (the most known of which is Bitcoin), the e-Mop will be “a legal tender,” carrying the same legal status and monetary value as the physical pataca coins and notes.
