When you need to handle online payments connected to online games, the chances are that you have to learn all the rules anew, depending on where you are located at any specific time. All countries handle in their own way issues like the legal status of playing online, managing payments, etc. In some cases, you even have different government levels within the same country or territories with a special status, like, for example, Hong Kong. Tourists may desire to spice up their stay in the former colony with the excitement of gaming. Still, they have to check out what they can or cannot do, in case they are foreign citizens.
Here is where PayPal comes to their help. As you can learn by visiting Paypal mobile casino, this payment system is considered the most successful, most important, oldest, and most prestigious e-wallet provider online. On the website, you will find many more details about games, basic rules and strategy tips, and other comprehensive information. The part on PayPal deserves special attention. Many online gaming sites allow deposits and withdrawals via PayPal. This makes life so much easier for online players, who would otherwise risk getting stuck in the “one country – two systems” complicated Hong Kong concept. China is working hard on bringing the former British colony under control. The multi-billion revenues from all sorts of gaming and wagering activities are obviously the object of special attention.
Today, Hong Kong is officially part of China, but it never gave up its own currency: the Hong Kong Dollar (HKD). The HKD is also used in Macao, the other Special Administrative Region of the People’s Republic of China. The former Portuguese colony, regained by China in 1999, is a mecca for casino lovers worldwide, a Las Vegas of the Far East but seven times as large. Macao is the most densely populated region in the world and one of the richest, thanks to its gaming industry, which is the largest in the world with over US$24 billion in revenue. Nearly 80% of government funding (tax revenue) comes from gaming.
At a mere 37-mile distance from each other, Hong Kong and Macao are neighbors on two sides of the Pearl River estuary. Their strongest bond is the currency since gaming is not legal in Hong Kong, unlike Macao. The Hong Kong Dollar is not mainland China’s currency, since the People’s Republic uses the Renminbi (RMB) or yuan,”the people’s currency.” Does it sound confusing? Well, it is, especially for foreigners.
Hong Kong visitors do not need to change their home currency to Chinese yuan or renminbi; they can convert to Hong Kong dollars instead. Most shops, restaurants, and other Hong Kong businesses only accept the Hong Kong dollar as payment. Only some shops that use online payment systems – such as AliPay and WeChat Pay – receive yuan. However, the transactions are still converted into HKD. Some large supermarket chain stores throughout Hong Kong accept yuan too, but it is not advisable as a choice because the exchange rate is poor, trading at a 20% loss over Hong Kong dollars.
Here is why PayPal is such a popular choice for gamers who want to play online. The oldest and most classic of the electronic wallets has spared players many a headache with conversions and exchange rates. Now the question is: shall the new Chinese digital currency challenge PayPal’s supremacy in the next few years? Let’s have a look.
China has been working on its project of the Digital Currency Electronic Payment (DC/EP) for more than five years. The DC/EP is a digital version of the yuan, backed by yuan deposits held by China’s central bank. In other words, it is an official government project, so beware of online scammers who are already appearing and trying to present the digital yuan as a cryptocurrency and a trading opportunity.
Trading has not begun yet with the digital yuan, nor will it be such a quick business. Apparently, the digital currency’s full implementation will not happen before 2024 or even 2025. Testing began in 2020 in four cities – Shenzhen, Suzhou, Chengdu, Xi’an – and some businesses like the taxi service Didi Chuxing. In January 2021, the digital yuan landed in Shangai too, where it is being used at the city’s Tong Ren Hospital.
The People’s Bank of China (PBOC), the country’s central bank, is working with more than 20 commercial banks and e-commerce companies to expand the use of the digital currency. A broader test is scheduled to take place at the Beijing 2022 Winter Olympics. Meanwhile, the 39 casinos in Macau are weighing the pros and cons of a possible adoption of the digital yuan in the province. To date, players have been obliged to utilize cross-border money transfer stations to convert Chinese cash into Hong Kong dollars. Adopting the digital yuan could help local law enforcement officials cracking down on all sorts of illegal money-changing businesses that have long plagued areas in and around the city’s many casinos.