Investing.com – Le and other cryptocurrencies could soon play a big role among officially available means of payment in the Macau Special Administrative Region of China.
The board has passed a bill to allow digital assets as legal means of payment. This draft will now be forwarded to the Legislative Council, where it will be discussed in detail. So far, no cryptocurrencies have been named, but it can be assumed that these are the main digital assets.
It was also clarified that people who refuse to pay with the new legal means of payment expose themselves to penalties of up to 10,000 MOP (1,237 dollars).
The reason why Macau is open to the extension of legal tender is that it is considered the “Monte Carlo of the East”. More than half of the GDP generated comes from the casino industry. A sector that is increasingly betting on its online platforms to also establish itself in crypto-business.
Bitcoin: Technical Benchmarks
Bitcoin is currently rising 0.69 percent to a price of $19,266, while a weekly gain of 0.50 percent is recorded.
The cryptocurrency continues to swing around the 23.6% Fibo retracement of $19,255. As long as there is no daily close above this level, the immediate downside pressure remains and expect a test of the September 21 low at $18,191. Below that, the focus would shift to the cycle low of $17,630.
Above the 23.6% fibo retracement, the bulls will meet resistance at the 38.2% fibo retracement at $19,914. This is reinforced by the high of October 14 at 19,933 dollars as well as by the psychological mark of 20,000 dollars. Only when this zone is breached will the 50 percent Fibo retracement of $20.446 be targeted.
By Marco Oehrl