China's Real Currency Concern

Author:
Publish date:

As China searches for an alternative to the dollar, it has another more immediate threat to its own currency. The growth of the online gaming industry has reached the point where virtual currencies are regularly being converted into cash and, in some cases, used to purchase goods directly. Not amused that people place more value in World of Warcraft credits than the renminbi, the government is fending off the impending currency crisis by issuing regulations restricting the use of virtual currencies to virtual purchases. China may have just found that global reserve currency "delinked from sovereign nations" it was looking for.
China Limits Use of 'Virtual' Currency [NYT]

Related