The Ministry of Finance of Russia stands for strict regulation of in-game currencies

10/03 12:56

In-game currencies should be regulated to prevent their use as a means of payment outside of video games, as well as for money laundering and for financing of terrorism, said Deputy Minister of Finance of Russia Alexey Moiseyev to Izvestia. Rosfinmonitoring, Russia's main body for financial intelligence, supported the idea. Unlike cryptocurrencies, which can be converted and used as a means of payment and exchange, in-game currencies in general can only be used to purchase services and items within a particular game, the press service of Rosfinmonitoring explained. However, individual game services also offer customers to convert game funds into fiat money or sell in-game items for real world currencies. Among such online games, for example, there are Second Life, Entropia Universe and Roblox. Rosfinmonitoring stated that the approaches to regulation of the convertible in-game currencies and virtual assets should be identical. At the same time the Central Bank of Russia also stressed the need to such a regulation as it could be a serious risk to the financial system of Russia. By law the official currency of Russia is the ruble, so the introduction of other currencies or issue of monetary surrogates is prohibited, said the press service of the Bank of Russia.

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