Recently, the 财政局 of the Macau Special Administrative Region officially announced that the highly anticipated "digital Macau pataca" research and development project has been fully launched and will be carried out step by step in three stages, marking a historic step for Macau in the field of digital currency.
First stage: Preparation and design (from now until early 2025)
The focus of the first stage of work lies in preparation and system design. Relevant departments will conduct in-depth technical research, evaluate the security, stability, and scalability of different blockchain technology solutions to ensure that the underlying architecture of the "digital Macau pataca" not only meets international standards but also can meet the special needs of the Macau Special Administrative Region. In addition, this stage will also start to establish a project management system, clarify the responsibilities and cooperation mechanisms of all parties involved, and lay a solid foundation for subsequent subsequent development. This stage is expected to end at the beginning of next year, and a detailed technical roadmap will be announced.
The focus of the first stage of work lies in preparation and system design. Relevant departments will conduct in-depth technical research, evaluate the security, stability, and scalability of different blockchain technology solutions to ensure that the underlying architecture of the "digital Macau pataca" not only meets international standards but also can meet the special needs of the Macau Special Administrative Region. In addition, this stage will also start to establish a project management system, clarify the responsibilities and cooperation mechanisms of all parties involved, and lay a solid foundation for subsequent subsequent development. This stage is expected to end at the beginning of next year, and a detailed technical roadmap will be announced.
Second stage: Development and testing (from mid-2025 to the end of 2026)
After entering the second stage, the research and development team will fully devote themselves to the development of the "digital Macau pataca" system. This includes building a distributed ledger platform, developing wallet applications, designing smart contracts, and constructing an efficient and convenient payment system. Particularly crucial is that this stage will implement multiple rounds of closed and open testing, inviting financial institutions, merchants, and the public to participate, collect feedback, and optimize system performance. Security and privacy protection measures will be strictly tested in this stage to ensure that the "digital Macau pataca" can achieve fast and low-cost transactions while protecting user information security.
After entering the second stage, the research and development team will fully devote themselves to the development of the "digital Macau pataca" system. This includes building a distributed ledger platform, developing wallet applications, designing smart contracts, and constructing an efficient and convenient payment system. Particularly crucial is that this stage will implement multiple rounds of closed and open testing, inviting financial institutions, merchants, and the public to participate, collect feedback, and optimize system performance. Security and privacy protection measures will be strictly tested in this stage to ensure that the "digital Macau pataca" can achieve fast and low-cost transactions while protecting user information security.
Third stage: Promotion and application (expected to start from 2027)
With the smooth progress of the first two stages, the third stage will focus on the comprehensive promotion and practical application of the "digital Macau pataca". In the initial stage, it will be tested on a trial basis in specific industries or regions and gradually expand the usage scenarios until it covers the entire Macau. The 财政局 will work closely with local banks and merchants to promote the widespread application of the digital Macau pataca in public services, retail consumption, cross-border payments and other fields. At the same time, to encourage adoption, the government plans to introduce a series of incentive policies, including tax incentives and subsidies, to accelerate the popularization process of the "digital Macau pataca".
With the smooth progress of the first two stages, the third stage will focus on the comprehensive promotion and practical application of the "digital Macau pataca". In the initial stage, it will be tested on a trial basis in specific industries or regions and gradually expand the usage scenarios until it covers the entire Macau. The 财政局 will work closely with local banks and merchants to promote the widespread application of the digital Macau pataca in public services, retail consumption, cross-border payments and other fields. At the same time, to encourage adoption, the government plans to introduce a series of incentive policies, including tax incentives and subsidies, to accelerate the popularization process of the "digital Macau pataca".
The director of the 财政局 of the Macau Special Administrative Region said that the "digital Macau pataca" will not only improve the efficiency of financial transactions and reduce social operating costs, but also become an important support for promoting the diversification of Macau's economy and integrating into the national development strategy. The implementation of this project shows Macau's forward-looking layout and determination in the field of fintech, opening up a new way for Macau to build a smart city and deepen financial cooperation with the Greater Bay Area and even the world.
As the "digital Macau pataca" project progresses step by step, Macau is striding forward towards a new era of digital economy and contributing "Macau wisdom" to the development of global digital currency.
