Monday, March 12, 2007

Tencent Closes Virtual Money Game Service

Following the issuance of a circular from fourteen Chinese government ministries for the strengthening of management of Internet cafes and online games, local computer game operator Tencent says it is now shutting down its service for exchanging game coins into its virtual Q coin money.

A representative tells local media that Tencent's Q coin service is related to netizens' QQ numbers, so it can not be transferred directly. The person says that some Q coins sold online are mostly acquired through QQ number theft.

Currently, some sellers buy virtual equipment with Q coins and exchange it for some other game coins, and then they sell the game coins to other users for real money. Their have been worries that the circulation of Q coins may affect China's Renminbi currency and it will even lead some teenagers to crime.

Last week, fourteen Chinese government ministries including the Ministry of Culture, the Ministry of Public Security and the Ministry of Information Industry jointly issued a circular, requiring that no new netcafes be added in China this year and no virtual coins can be used to buy tangible goods.

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