The Macau Monetary Authority plans to complete the research and development of the digital Macau Pataca by the end of the year, and may support on-demand exchange by individuals.

On October 10, according to the Macau Citizen Daily, the Macau Monetary Authority officially revealed that the "Digital Pataca" has successfully completed the preliminary technical architecture design and built a corresponding prototype system.

Based on the current research and development progress, the first phase of research and development is expected to be completed by the end of this year, marking a key step for Macau in the field of legal digital currency.

Analysts point out that with the rapid development of digital currency globally, Macau, as an important part of China and an international city, will not only help to modernize its local financial system through the construction of a digital currency system, but will also form an organic connection with the mainland's digital RMB platform in the future, establishing a new cross-border payment channel.

This trend has become an inevitable choice for Macau to integrate into the national financial development strategy.

At the application level, in the future, Macau residents will be able to flexibly choose to convert cash or bank deposits into digital currency, including digital RMB or digital Pataca, according to their needs. This will not only enrich the public's payment methods, but also provide strong support for promoting the moderate diversification of Macau's economy and further deepening financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area.