Mainland authorities have a new boundary dispute to settle, not with another nation, but another world. They hope to draw the line quickly - preferably next year - but the 'landscape' may have changed before the line has even been pencilled in.
People's Bank of China director Li Chao this month made it known that virtual money had become a cause for concern and that the PBOC would next year draft a regulation covering virtual transactions, according to news sources.
Mr Li's remarks came in response to questions on whether the virtual QQ coins - issued by China's largest instant messaging service provider Tencent - were a threat to the yuan. The question was raised by public prosecutor Yang Tao . With over 224.2 million active users of Tencent's QQ messaging service, Mr Yang was quoted as saying: 'The QQ coin is challenging the renminbi's status as the only legitimate currency in China.'
However, Tencent financial spokeswoman Catherine Chan said these fears were exaggerated. She said the virtual coin was introduced when the company launched its internet value-added services in 2002 as tokens for the consumption of online services. 'Anyone with minimum financial knowledge could tell the difference,' she said.
Some users say it is more convenient to use QQ coins than the yuan for online purchases.
Wang Ya , 25, has used the QQ instant messenger for six years and recently spent some QQ coins she bought with real money to buy her virtual pet a fashionable fur coat. For Ms Wang and many others who spend a lot of time in a virtual world, there is nothing wrong with exchanging real money for the virtual equivalent.