Bitcoin and social gaming

Posted On May 23, 2013
In Virtual Worlds / Reply

Bitcoin is a good fit for the social gaming industry due to the high transaction costs experienced online, but industry and consumer acceptance of Bitcoin since its release in 2009 has been slow.

In March 2013, the US Department of Treasury released interpretive guidance on their position of the use of certain virtual currencies, including decentralised virtual currencies, reports Graham & Dunn.

The Division’s position was that “exchangers” and “administrators,” including certain persons “engaged as a business” in “virtual currency” transactions, are subject to money transmitter limitations and may be subject to licensure requirements.

These limitations would make Bitcoin transactions much more transparent in contrast to the anonymity of the current regime.

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