Casino gambling with virtual money is under scrutiny in China.
Beijing has of late put a stop to their residents being able to spend virtual money to buy goods. Until recently residents of china were able to use virtual money to purchase all kinds of goods, they were also able to exchange the virtual money for real goods.
The Ministry of Commerce and Culture has prevented the usage of virtual money any more. The reason is also related to money laundering and the impact of virtual money in a lot of accountancy tricks.
Round the world several countries are implementing different methods to check money spent in gambling; the intent of such checks is not to abolish gambling but to check where the money is being spent. A measure to prevent offshore companies taking away the revenues of another country.
The current ban on virtual money is after an attempt by the Chinese government to tax the virtual money. Since the taxing of the virtual money was not successful, the current law came in to force.
The most novel attempt by the Chinese lawmakers is eventually mind-blowing and shocking to several gamblers who have been gambling online. Though the new law regarding virtual money was not targeted to online gambling, they are likely to be one of those who have been affected.
Those who are playing in online casinos will be able to use their winnings only at the place where it came from.
The check on the virtual money is also to keep the economic money flow pattern in check. Though virtual money is just a small part of the value of stocks, when there is a global economic crisis, it plays a major role in shift of trade routes.
Economically, the government feels it is necessary; however, it is a check point for gamblers dealing a lot in virtual money.
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