The Chinese government has banned the use of virtual money , used in games over the Internet, to trade in real goods. The measure aims to control trade, end illegal gambling and reduce the impact of this 'currency' has real financial system.
According to the official Xinhua news agency, the Ministry of Commerce and Culture has issued a circular to limit the use of this virtual currency among the 298 million Chinese Internet users.
If we look at the figures published by the local press, the circulation of virtual currency in late 2008 reached a value of "several billion yuan" with an annual increase of 20% .
Therefore, the Chinese government has decided to write for the first time a definition of 'virtual currency' , which includes, according to the circular, prepaid cards for online games.
"The virtual currency, which can be exchanged for real currency at a certain rate, can only be used to trade virtual goods and services provided by its issuer," says the circular.
Under the new rules, the use of virtual money for gambling will be punished by the public security authorities will only be allowed to "trade virtual products" . It also prohibits the use of minors.
Real Financial Control System
The measure is intended to limit the use of virtual goods in the purchase of real and thus control its' potential impact on the real financial system. "
For example, online role-playing games like Final Fantasy XI or World of Warcraft, which has 10 million registered users worldwide, half of them in China, using virtual currency like gold. And some Chinese players have been devoted in recent months to accumulate gold, the 'currency' most requested, to sell for real money through sites like Ebay to those who could not get it for themselves.
Tencent , the company issuing the 'QQ coins' credits 'online' popular in China with over 220 million registered users, supports "a resounding" the new rules and completely opposes clandestine trade virtual money which can lead theft or fraud by the Network
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