{"id":8245,"date":"2021-06-08T00:00:00","date_gmt":"2021-06-08T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/china-going-digital-with-lottery-stablishing-a-new-opportunity-for-gambling-market\/"},"modified":"2021-06-08T00:00:00","modified_gmt":"2021-06-08T00:00:00","slug":"china-going-digital-with-lottery-stablishing-a-new-opportunity-for-gambling-market","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/china-going-digital-with-lottery-stablishing-a-new-opportunity-for-gambling-market\/","title":{"rendered":"China going digital with lottery stablishing a new opportunity for gambling market"},"content":{"rendered":"<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">Authorities in China continue to test the use of virtual currency. Now the city of Shanghai has announced it will launch a prize of 19.25m digital yuan ($3m) in lottery winnings.<\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">Such an initiative has already been tested by other cities such as Beijing, Shenzhen, Chengdu and Suzhou following the Chinese government&rsquo;s push to implement its Digital Currency Electronic Payment (DCEP) system. The Shanghai lottery will be open between June 5 and June 6. Winners will be able to spend the digital yuan at stores that already accept the virtual currency.<\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">In April, Chinese authorities chose Macau as a testing ground for the digital currency along with Hong Kong. The people&rsquo;s Bank of China (PBoC) announced it was working on the technical testing for using virtual currency for cross-border payments between the Chinese mainland and Hong Kong.<\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">According to the Macau Gambling Research Association, the implementation of a virtual currency could mark a watershed moment for the gaming industry as customers could buy chips instantly using RMB without the need to convert to HKD.<\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">Analysts at Sanford C. Bernstein said: &ldquo;<em>The cleaning up of Macau&rsquo;s money flows, easier access to RMB transactions in the city, and disintermediation of junkets would be a positive driver for continued growth in stable mass and premium mass in Macau.&rdquo;<\/em><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">In April, Lottery sales in China reached CNY29.10bn which represents a rise of 24.4 per cent when compared to the previous year but a decline of 2.3 per cent month-on-month.&nbsp;&nbsp; Welfare Lottery sales were down 6.2 per cent at CNY11.16bn. Sports Lottery sales were up 56.3 per cent to CNY17.93bn.<\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n<p style=\"text-align:justify\"><span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"font-family:Arial\">Sales of instant win games from the Welfare Lottery saw an increase of 111.0 per cent to CNY2.40bn. They generated CNY2.43bn for the Sports Lottery, up 103.1 per cent year-on-year. Keno sales brought in 14.2 per cent of the Welfare Lottery total revenue.<\/span><\/span><\/span><\/p>\n<p>\n<span style=\"font-size:12pt\"><span style=\"font-family:Calibri\"><span style=\"background-color:white\"><span style=\"font-family:Arial\"><span style=\"color:#333333\">No Copyright infringement intended. Video\/Photo Unknown Direct for credits\/issue or text us +57 3606412 &#8230;&nbsp;| Respect to Photographers &amp; Influencers<\/span><\/span><\/span><\/span><\/span><\/p>\n<p style=\"text-align:justify\">&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Macau Gambling Research Association, the implementation of a virtual currency could mark a watershed moment for the gaming industry<\/p>\n","protected":false},"author":1,"featured_media":5567,"menu_order":383,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[4144],"class_list":["post-8245","asia","type-asia","status-publish","format-standard","has-post-thumbnail","tag-lottery-china-digital-lotto-china-digital-payment","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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