Macau’s Monetary Authority Chairman, Chan Sau Sin, has announced preliminary plans for the introduction of the “Digital Macau Pataca,” which will feature both soft and hard wallet options, according to Odaily. The hard wallet may take the form of a card or be integrated into smart devices, catering to convenience for the elderly and children. Meanwhile, the soft wallet will be accessible through a mobile application.

Chan emphasized that the Digital Macau Pataca will have the same legal status as cash, allowing its use in any setting where cash is accepted. A wholesale version of the digital currency will be available primarily for regulated financial institutions, facilitating transfers and financial transaction settlements.

The development of the Digital Macau Pataca will occur in three stages. The first stage involves creating a prototype system, set to be publicly demonstrated in December. The second stage will be a closed internal trial on a whitelist basis for validation. Finally, the third stage will involve a comprehensive public test, integrating the digital currency into public payment scenarios. This phase will also include the wholesale-level Central Bank Digital Currency (CBDC) project, focusing on interbank settlements and exploring cross-border payment capabilities.