Chinese Yuan Casinos
Interestingly, the yuan is not actually the name of one of the world’s leading currencies. Officially, the currency in the People’s Republic of China is the renminbi (or, people’s currency), of which the basic unit is the yuan. However, the terms yuan renminbi and just Chinese yuan are commonplace in an international context. For this reason, the currency is often abbreviated to CNY (Chinese yuan). At the same time, the renminbi is used as the official currency in China, while the yuan is the unit of accounting when it comes to China’s economy and financial system.
That is not the only thing that can be confusing concerning CNY. The Chinese yuan takes some getting used to if you are not familiar with it. There are ten fen in a jiao and ten jiao in a yuan. The highest denomination of yuan is 100 CNY. Fortunately, you do not need to worry about renminbi. Most online casinos catering to Chinese players only deal with yuan.
Casino List with CNY Currency
About Chinese Yuan in Gambling
It was not until 2015 that the Chinese yuan was officially recognised as an international currency by the IMF (International Monetary Fund). Complaints by the US (that have persisted for decades but came to a head in 2018) that the Chinese were manipulating the currency has been a cause for concern. However, the popularity of CNY in gambling, especially in Asia, has ensured that it remains one of the top five currencies for online casino gambling.
The only real rival to CNY online casinos are JPY online casinos (Japanese yen). Some players (correctly or incorrectly) believe that this currency is more stable and honest than the Chinese yuan. You can find top casinos catering to both currencies on our page.
Which Countries Use the Chinese Yuan?
Officially, the People’s Republic of China (mainland China) is the only country to use CNY formally. Taiwan, Macao, and Hong Kong have their own currencies. Unofficially, over a dozen countries also recognise the use of the Chinese yuan.
Some of the countries (mainly in Asia) to unofficially use the CNY currency include: Angola, Bangladesh, Bhutan, Gambia, Laos, Macao, Myanmar, Laos, Nepal, Nigeria, North Korea, Sierra Leone, Venezuela, and Zimbabwe.
Many of the countries listed above unofficially accept CNY on account of heavy Chinese investment, and a similar pattern can be seen in several other countries not listed above.
Online Gambling in China
Officially, online gambling is banned in China. In 2021 alone, over 110,000 people were detained in relation to cross-border gambling. For the most part, this involves betting at online casinos licensed offshore from within China, often using a VPN. China takes an exceptionally hard line when it comes to online gambling, despite being tolerant of Macao’s land-based gambling mecca. At the time of writing, gambling online in Hong Kong is legal, although it remains to be seen how long this will remain the case.
Advantages and Benefits of Using CNY in Online Casinos
If you happen to be based in an Asian country where your national currency is not accepted – Vietnamese dong, for instance – then using Chinese yuan to bet at online casinos is convenient. However, you could expect to see charges applied if you must convert currencies. Given that CNY is accepted in a swath of Asian and African countries, currency conversions are not always a reality.
While CNY is widely available, and there are many Chinese yuan online casinos, the currency is still one of the least used outside of those continents.
Tips on Finding a Great CNY Online Casino
Before deciding to bet at any online casino, you should make sure that you are playing at some of the best ones. Below, you can find our top tips for finding a great CNY online casino. They include:
- Double-check that your casino allows you to deposit, wager and withdraw using CNY and that they do not convert that currency into another for gameplay.
- While many CNY online casinos exist, not all of them offer bonuses and promotions using the yuan. Be sure that yours permits CNY depositing players to snap up offers and deals, too.
- There are many sites that accept Chinese yuan deposits, but not all of them are safe. You could ensure that you only play at licensed and regulated online casinos. A Curacao issued license should suffice but always stay away from unlicensed casinos.
- If you are playing from mainland China, you will want to choose an online casino that permits VPN usage. Chinese authorities are starting to crack down on nationals gambling at offshore, foreign, and international casinos.
- Some CNY casinos have been known to feature pirated games. Double-check any casino’s licensing and certification credentials to ensure that those games are legally licensed to your CNY online casino. Alternatively, choose one of our top casinos, as we have already done this legwork for you.
Popular Deposit and Withdrawal Methods with CNY
While there are many casino payment methods that permit the use of Chinese yuan, many of them are not accessible to players in China. Options such as PayPal, Skrill and Neteller are fine examples of this. Instead, Chinese players are going to have to make do with a limited number of alternatives for CNY casino deposits. These include:
- Prepaid options (UnionPay is one of the leading Chinese payment providers here)
- Bank transfers (Transferring money directly from a Chinese bank can be tracked)
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin and Dogecoin are all options)
- Prepaid vouchers (while these can be purchased in China, they cannot be used as withdrawal options)
