Macao CBDC Tracker

CBDC Information

Economic Information

GDP

$21,979,475,561

Population

704,149

Freedom Rankings

Cato and Fraser Human Freedom Index:

N/A

Freedom House Index:

N/A

Reporters Without Borders Freedom Index:

N/A

Macao (or Macau) is currently in the research phase. The Monetary Authority of Macao (abbreviated as AMCM due its original Portuguese name) published a white paper detailing its vision and its work on a CBDC (referred to as the e-MOP, digital pataca, or e-pataca) for Macao.

CBDC History and Development

According to reporting in Teledifusão de Macau in May 2022, Economy and Finance secretary Li Weinong said that he will continue to explore the introduction of a CBDC in Macao.

The Monetary Authority of Macao’s 2022 annual report noted that it had introduced statutory reforms that would provide the necessary legal changes to recognize a CBDC as legal tender in the future.

In August 2023, the Monetary Authority of Macao established the “e-MOP Construction Working Group” with the support of the People’s Bank of China.

The Monetary Authority of Macao’s 2023 annual report provided a brief update on CBDC. It was noted that the laws related to currency issuance had been reformed to preemptively grant the status of legal tender to a CBDC issued by the Monetary Authority of Macao—“laying essential legal groundwork for the prospective digitalization of the SAR’s monetary system.”

In December 2024, the Monetary Authority of Macao published a CBDC white paper and a series of webpages explaining different aspects of the CBDC. According to the white paper, “the emergence of cryptocurrencies and digital assets has accelerated the pace at which” the Monetary Authority of Macao has sought to issue a CBDC. Therefore, “with the unstinting support of the People’s Bank of China,” the Monetary Authority of Macao established a three-step plan. The first step is to develop a system that allows centralized management and two-tier operations. The second step is to conduct internal trials. The third step is to test the CBDC with the public. Only the first step was completed as of December 2024.

After the release of the white paper in December 2024, the Macau News Agency reported that Secretary for Economy and Finance Lei Wai Nong said, “Looking ahead, we hope to connect different legal digital currencies, especially the digital pataca, renminbi, and Hong Kong dollar. This will make cross-border payments easier and create more opportunities, helping to bring the Greater Bay Area closer together economically.”

Human Rights and Civil Liberties Concerns

Due to its status as a special administrative region, or SAR, of China, there have been limited reports written specifically on the treatment of human rights and civil liberties in Macao.

For additional information on concerns regarding violations of human rights and civil liberties, see the following reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State. For additional information on concerns regarding the risks of CBDCs, see the following webpage and report by the Cato Institute: The Risks of CBDCs and Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.

For additional information regarding metrics, the methodology page explains each of the data points and provides their respective sources.