Taking Internet Currency to the Bank

In the future, there will be a new form of currency that will be issued by credible network community operators and widely accepted by people for transactions in daily life. Internet currency, as it has come to be known, will coexist with legal tender and exert considerable influence on current monetary theories and regulation principles.

A rudimentary form of Internet currency, called virtual currency, has emerged in online gaming communities and social networking websites. Many large Internet companies, including Facebook, Amazon and Tencent, have introduced their own virtual currencies that can be used to buy digital commodities and services from their platforms. The mechanism of transactions and payments using these virtual currencies has evolved over time and become more complex.