In an effort to stave off a new form of money laundering, prohibited gambling and threats to the Chinese yuan (Chinese currency), Chinese Web sites have been ordered to limit the use of virtual money. Public prosecutor Yang Tao says “The QQ coin is challenging the status of the [yuan] as the only legitimate currency in China.”
Specifically, virtual money may only be used to buy virtual products and services the companies provide themselves, issuance will be limited, and users are “strictly forbidden” from trading it into legal tender for a profit.
QQ coins, issued by Tencent.com – China’s largest instant-messaging service provider – are the most popular form of online credits used by 220 million users. They are being used to pay for an increasing array of services including gambling, phone sex services and shopping online
Dale’s Comment: One wonders what may happen if Microsoft Points or Wii Points ever become freely tradable. Microsoft, for example, has touted the possibility of a future online commerce system available through the Xbox Live and Zune marketplaces where users would be able trade electronic items for points. Would the U.S. or other governments share the same concerns as the Chinese government?
Sources: MSNBC.com | FT.com | theage.com.au | Fox News | GamePolitics.com
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