|
|
|
| | | July 2 - The Chinese authorities have managed to clamp down even harder on the country's online gamblers after it was declared that virtual money can no longer be used in lieu of real money to obtain goods and services.
While the new law does not pertain to gambling sites and services only, it is generally believed that it was created in order to stop online gamblers from taking advantage of a loophole in the legal system whereby they can win virtual money at gambling sites and then exchange it for real goods or currency.
The Wall Street Journal reported that 90% of internet gaming and lotteries in China use virtual money as a way to remain legal in the eyes of the law.
The latest law will thus strike a blow to the country's gambling industry, which is already operating under severe restrictions.
Last year, in an attempt to bring online gambling to its knees, Chinese authorities introduced a 20% virtual trading tax but it seems that this did little to halt this form of entertainment.
The new law states that virtual currency can only be used to buy goods and services from the company that originally issued the virtual money and it cannot be used to obtain items from other companies.
The law defined virtual money as game currencies, game pointes and prepaid game cards.
While the move has been publicly praised by internet giants such as Tencent Holdings (themselves issuers of the popular QQ Coin virtual money), privately many analysts believe that the law will be ineffective in the long run.
"The really protect the rights and interests of users, the government should enable players to exchange virtual currency for real money from online game companies," noted internet critic Xin Haiguang.
| Related Articles:
| - Parlay to Provide Lithuanian Lottery - 06-29-09
- US BetOnSports Case Sees More Guilty Pleas - 06-26-09
- Expekt Teams with Big Sports Names - 06-19-09
- New Head for NetPlay TV - 06-11-09
|
 |
|
|
|
|
|
| |
|
Online Casinos
RSS FEED |
|
|
|
| | 7/2/2009 5:55:00 AM |
|
