Tuesday, March 13, 2007

Virtual currencies raise money laundering fears

China has taken steps to regulate virtual currencies, The Register reports. As many as two-thirds of China’s internet users use QQ coins, a virtual currency which can now be traded or accepted as currency by third party companies. That has China’s central bank worried about the possible economic impact and other potential implications.

According to Business Week, online currencies are routinely used by money launderers, child pornographers and terrorist financiers. And the San Francisco Chronicle warns that American gamblers are already using virtual currencies to work around UIGEA’s prohibition on Internet gambling transactions.

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