Banning Virtual Money Conversions

Here’s a piece of news that tells us that Governments do not understand the new economy and the new world that is unfolding in front of us. Seemingly a knee-jerk reaction to the growing economies of virtual worlds in online games, the Chinese Government has banned the conversion of virtual currency into Yuan. Beijing’s logic for the move is that free conversion of the play currencies could undermine the country’s financial system. There are 10 types of virtual currencies in China and one of them, QQ Coins, is being accepted as legal tender in the country. Read more on the rise and rise of QQ Coins.