China's virtual currency
Regulations have been put in place by China, aimed at cracking down on the use of virtual currencies amidst worries that large underground economies are developing out of the country's online gaming community. The regulations set forth aim to cutback trading in virtual currencies, prevent online gambling, and restrict virtual currency from being exchanged for cash or used to buy other real goods.
The biggest worries Chinese officials have is that online currencies could ultimately serve as an alternative to China's official currency, and have major implications on the country's financial system. The government said it will restrict who can issue virtual currency and forbid people from taking virtual currency from one online site and selling or trading it somewhere else.