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Shvoong Home>Internet & Technology>Websites>Beijing Bans the Use of "Virtual Money" to Do Real Business on the Int Review

Beijing Bans the Use of "Virtual Money" to Do Real Business on the Int

Article Review   by:Shendhy     Original Author: Shendhy
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The Chinese government has now banned the use of virtual money, used in online games, to trade in real goods, to control trade and illegal gambling and the impact of this "currency" in the financial system, real .

The Ministry of Trade and Culture has published a new circular to restrict the use of this virtual currency among 298 million Chinese Internet users, the biggest market in the world, which today reported the official news agency Xinhua.

According to figures published by the local press, the movement of virtual currency in late 2008 reached a value of "several billion yuan (1 euro = 9.60 yuan, $ 1 = 6.83 yuan), with an annual increase 20 per cent.

Role-playing online, where the player participates in an imaginary world as Final Fantasy XI or World of Warcraft has 10 million registered users around the world, half of them in China, using foreign exchange as a virtual gold.

According to press reports, some Chinese players have been devoted in recent months to accumulate gold, the motto "the most in demand, to sell for real money to those who could not get themselves through internet portals such as Ebay.

But so far China is also aimed against those who use virtual currency to buy real products and thus limit its potential impact on the actual financial system. "

DEFINITION OF VIRTUAL CURRENCY

For the first time the Chinese government has had to draft a definition of "virtual currency", which includes prepaid cards for Internet gaming, is indicated in the circular.

Under the new rules, the use of virtual money for gambling shall be punished by public security authorities, also prohibits its use for minors and will only be allowed to "trade in virtual goods."

The Chinese credit online are the most popular "QQ coins" issued by Tencent.com, which has at least 220 million registered users.

Tencent has stated today in a statement that supported "so strong" and that the new rules are completely opposed to clandestine trade in virtual money that can be theft or fraud on the internet.
Published: June 29, 2009   
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