Summary:
New regulations were jointly inked by the China Mnistry of Culture and the China Minisry of Commerce on e-currency, virtual currencies typically used for on-line gamers.
What are regulated:
- “Official” definition for e-currency defined;
- Business offering e-currecy must register and get approval from related authorities. E-currency is limited for exchanging goods and services provided by the issuer, and any forms of exchange with any goods or services provided by non-issuers of the e-currency.
- Requirements on keeping consumers’ e-currency transaction records, for protecting consumers’ interest.
- On-line trading of e-currency limited to adults only.
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