Big Switch to virtual money in China

December 5, 2006 at 2:20 am Leave a comment

James (Singapore) writes:

The Big Switch is all about people taking control of their media and choices. But this article at DNA reminds us how profound the implications can be. A new virtual currency, which has been born from within QQ, China’s massive instant messenger phenomenon, could be set to disrupt the official economy:

… earlier this month, China’s central bank gave expression to concerns that virtual money in China needed to be regulated, and that the bank would issue guidelines next year on virtual transactions. 

…The subject of China’s virtual economy has been agitating some of the country’s keenest minds in recent times. Commentaries in economic journals have speculated on whether the profileration of QQ coins would result in Tencent becoming a ‘virtual central bank’. There are even scholarly expositions on whether conditions are ripe for ‘virtual inflation’

I’d love to know more about this story. Is this a case of a new virtual alternative to money emerging, because of the regulatory difficulties of performing transactions in the official economy? Is it, like pagers and mobile phones in the 90’s, a case of China leapfrogging ahead because of its problematic infrastructure?

And perhaps more exciting, is there an opportunity for marketers to develop a branded currency?

(thanks again to Paul for the link)

Advertisements

Entry filed under: china.

Half of Singaporean teenagers have blogs Online paid entertainment revenue to surge

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


the big switch of control – from companies to people

MindShare's unofficial uncorporate Asian blog

asia:media:stuff

How to earn prime-time when you can no longer buy it

Monthly archive


%d bloggers like this: