Eric Liu Longtao: Internet virtual currency advances in fog

With the continuous development of the Internet, many portals, network game operators in order to provide better services, very early began to provide network virtual currency for use. According to iresearch statistics, the current market circulation of virtual currency nearly 15 kinds, such as q currency, Baidu currency, NetEase bubble currency, Sina u currency, warcraft coins, paradise coins, grand silver piece, and so on, more and more netizens began to use virtual currency. Since the second half of 2006, the industry from all walks of life to the virtual currency of the discussion one after the other, the most intense controversy is nothing more than whether the Internet virtual currency will impact the legal status of the renminbi. January 2007, Baidu Company announced that Baidu currency can be with Shanda, NetEase's virtual currency freely convertible, which indicates that some of the network virtual currency Exchange channel has been thoroughly opened up, the development of virtual currency space will be further expanded.

Eric Research found that the development of network transactions makes the development of virtual currency is growing, but China's relevant laws and regulations are relatively lagging behind, the virtual currency of the underground trade, virtual coinage, network Casino and other hidden dangers have surfaced, virtual currency so that the vast number of Internet users feel the purchase of network services convenience, but also by people's doubts.

Question one, does the virtual currency have a monetary basic attribute?

According to the requirements of major network companies, virtual currency can only be used to buy the company's value-added services, there is no other trading function, and the implementation of one-way exchange, that is, the virtual currency is not allowed to convert to the renminbi, in this sense, the virtual currency does not have to act as a general equivalent of the monetary basic attributes, so is not a real currency is simply a consumer voucher within the ISP. Eric said that the real world is not the case, specifically for the virtual currency "flips", "bank" phenomenon has been very common, such as the current number of netizens in the network shop selling various virtual currencies, some network virtual currency has the basic properties of money.

Question two, will virtual currency disrupt our financial order?

At present, China's network virtual currency has exceeded the scope of services provided by the company, is gradually becoming a private online trading tool, has a general equivalent of the nature, if the current trend continues to develop, the virtual currency in the future is likely to impact on the legal currency status of the renminbi. At present, some of the potential users of virtual currency in the market has reached hundreds of millions of, the market space is enormous, more and more people will use the currency to buy related products and services. Eric believes that once the virtual currency is rampant, it will disrupt our financial order and be very unfavorable to the healthy development of our financial market.

Question three, virtual currency is more advantages than disadvantages or more harm than good?

The purpose of the virtual currency is to make it easier for consumers to purchase value-added services from the corresponding network companies, this plays an important role in promoting the rapid development of China's network economy, and the distribution of virtual currency is based on the amount of people's purchase, which has nothing to do with the national financial system, and the distribution and use of the network virtual currency is lawful and reasonable. Eric believes that the rapid development of the network economy and E-commerce can not be separated from the vast number of Internet users to provide personalized products and services of the virtual currency, although the current virtual currency for the healthy development of our financial market has brought a certain degree of adverse effects, but the development of virtual money is the network environment unstoppable trend, Virtual currency will be more beneficial than disadvantage in the future development of China's network economy.

Iresearch Eric Market Consulting analysis that the current virtual currency transactions of the drawbacks have been presented, the urgent need for national policy and regulation of the development of its supervision and guidance, it is regrettable that the virtual currency does not have a clear regulatory approach, resulting in virtual currency in the legal "gray zone." Therefore, how to standardize the development of network virtual currency and play an active role in the network transaction has become an arduous and important task in the government supervision Department. In short, the benign development of network virtual currency needs the efforts of all parties in the industrial chain, the establishment and improvement of State regulation and regulations, but also inseparable from the relevant network companies, operators and the majority of netizens self-discipline and cooperation.