However, Ala Musi, deputy director of the Legal Committee under the China
Electronic Commerce Association, said that instead of bringing virtual money
under the control of the real currency system, the PBOC would be more likely to
expand the current currency system into the virtual world.
He said virtual money had emerged in recent years as a convenient payment
tool for the consumption of online value-added services because e-commerce
facilities and legislation process are lagging behind demand in China.
"I think the PBOC may release the regulation together with the Ministry of
Information Industry and the Ministry of Commerce," he added.
Rather than waiting passively for the regulation, Tencent is striving to form
an alliance between the Q coin and the currency system in the real world.
Last month, the company announced that it would co-operate with the
Industrial Bank to launch China's first virtual credit card, called the QQ Show
Card, which will be attached to a real card and can be used to prepay for online
value-added services after being connected with a user's QQ number.
Last year, the company also launched a debit card called the QQ All-in-One
Card in co-operation with China Merchants Bank. To date there are more than 1 million QQ
All-in-One Cards in circulation.
Experts said Tencent's efforts to combine the virtual money payment system
with real financial institutions would help the company ease the public
anxieties and reduce its operational risk.
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