Real ban on virtual cash

Source: Xinhua | June 28, 2009, Sunday |

Print Edition

CHINA has banned the use of virtual currency in the trade of real goods and services to limit its impact on the financial system.

"Virtual currency, which is converted into real money, will only be allowed to trade in virtual goods and services provided by its issuer, not real goods and services," according to a joint circular from the Ministry of Culture and the Ministry of Commerce on Friday.

The government also defined virtual currency for the first time and said it includes prepaid cards for cyber-games.

China has the world's largest population of Internet users, with 298 million people online as of the end of last year.

According to reports, virtual money trades topped several billion yuan last year after rising about 20 percent annually.

Under the new rules, people will be punished for gambling with virtual cash, and minors can not buy virtual money.

Nation

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Real ban on virtual cash

Email this to your friend