MC Official: China Will Supervise Virtual Asset Transactions

December 11, 2006 | Print | Email Email | Comments | Category: Internet



    Tuo Zuhai, deputy director from the Culture and Market Division of the Ministry of Culture, says that the Chinese government has begun to pay close attention to the accumulations of wealth via online virtual asset transactions.

    Tuo has suggested that China ban virtual asset transactions through legislation but his remarks have been interpreted by the Chinese media to mean China will soon manage and supervise the transactions of virtual assets.

    Virtual assets mainly refer to such intangible goods as online games equipment, top level accounts, user names and other online goods usually accumulated through online game playing. Legal experts in China have been complaining the last few months that virtual asset transactions will become messier unless better managed by the network operators.

    The Culture and Market Division of the Ministry of Culture has listed the regulation of virtual asset transactions and account management as one of its major tasks for 2007.

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