Chapter 29 Growing Pains: Q Coins Impact the RMB
In 2006, there was a lot of discussion about "whether virtual currency will impact the RMB system".According to public information from the media, in the 2006 Super Girl Finals, fans bought virtual currency—Q coins to vote in order to support their beloved singers. The transaction volume of Q coins on Taobao alone exceeded 500,000 yuan a day.There is also a phenomenon that small and medium-sized forums give moderators salary in Q coins, which are then converted into RMB.The disclosed cases also include the way of making money from Chengdu netizen Mr. Wang.You can earn nearly 4,000 yuan a month just by selling Q coins.
Starting from the media, a lively discussion kicked off.Scholar Yang Tao raised this discussion to a certain height. The remarks of Q coins impacting the RMB originated from the "Legal Torture of the Four Monsters in the Virtual World" published by scholar Yang Tao in the 7th issue of "Legal System and News" in 2006.He stated in the article that according to the "Regulations on the Administration of Renminbi", the renminbi is my country's legal tender, and all public and private debts must be paid in renminbi.The legal issuer of RMB is the People's Bank of China, and other organizations and institutions have no right to issue currency. "Internet virtual currencies such as Q Coins are issued by merchants and can be 'exchanged' with RMB. The consequences of flooding will be disastrous."
"Q coin" is a network virtual product launched by Tencent in May 2002. It is used to purchase a number of virtual services provided by it. Very hot here.Whether it is QQ membership, network hard drive, QQ music, magazine subscription, QQ game, QQ pet, etc., you need to pay Q coins.Even within Tencent's product service system, an equivalent exchange relationship has been established between Q coins, Q points, and QQ game coins.Because of its convenience, using Q coins has become a popular fashion. The "circulation" function of Q coins is not limited to the Tencent system.According to media reports, players once used Q coins to gamble, and Q coins were exchanged for RMB in disguise.
Yang Tao's remarks, like a stone falling into a calm lake, added a little excitement to the Internet circle, which has always been full of right and wrong, and attracted widespread attention from all walks of life. There are supporters and opponents.Professor Dai Weihui from the Department of Electronic Commerce of Fudan University in Shanghai believes that Q coin is not a virtual currency, it is just a symbol recognized by some netizens.Yang Tao also said that the current conditions for "Q coins to impact the legal tender status of the renminbi" are not mature at all, and it is only a possibility.Professor Yi Xianrong from the Department of Financial Studies of the Chinese Academy of Social Sciences said that although the current Q currency has not caused any impact on the RMB, the country should still issue relevant laws and regulations to regulate and restrict it, so as to prevent some profit-seekers from taking advantage of it. The profit-making of Q coins makes the use of Q coins beyond the scope of the enterprises to which they belong.
In the face of many doubts, Tencent made it clear that there is a difference between Q coin and "virtual currency", and they position Q coin as a "commodity" rather than a "currency".In essence, Q coin is a payment channel launched by Tencent for the convenience of users to purchase related value-added services, not a so-called "virtual currency".We know that any commodity is neutral, and Tencent Q coins are also neutral as a commodity. Different people will have different usages. Tencent cannot be blamed just because others have done illegal things with Tencent Q coins. This is as absurd as if someone kills someone with a knife, and it is as absurd to pursue the legal responsibility of the knife manufacturer!
Even so, some experts are still worried that the massive issuance of Tencent Q coins may lead to the depreciation of the renminbi, which will eventually lead to inflation and disrupt the social and economic order.In fact, this is completely groundless worry.Tencent Q coins are only limited to the Internet, do not have the status and value of legal tender, and need to be denominated in RMB, that is to say, the issuance of Tencent Q coins is based on the amount of people buying, no one buys, it is an ordinary procedure , has nothing to do with the national financial system.Moreover, since the premise of obtaining Q coins is the need to pay RMB, and RMB is subject to quantitative control, the circulation of Q coins is also limited, not unlimited, and it does not have the ability to stir up the currency market.
In response to the turbulent Q coin incident, the spokesman of the People's Bank of China, Li Chao, said, "Q coins have been a hot spot in the media recently, but when it comes to the impact of Q coins on the renminbi, my personal judgment has not yet reached such a serious level."He also said, "If there is a money laundering crime through the channel of virtual currency, this is an issue that the People's Bank of China needs to pay close attention to and combat." Coins, Sina U Coins, Shanda Yuanbao, Netease POPO Coins, etc. should also not be within the scope of supervision.” Regarding virtual currencies supervised by the government, Yu Guofu believes that it is unnecessary, “because this virtual currency is not that virtual currency,” he said . "Tencent Q coins, Sina U coins, Shanda Yuanbao, Netease POPO coins, etc. do not have currency attributes. The so-called 'currency goods' issued by these companies only involve the relationship between the company and consumers, and can be maintained through the contractual relationship between the two parties. And regulations, there is no interoperability with commercial banks, so it is not within the scope of the supervision of the China Banking Regulatory Commission. The supervision of virtual currencies referred to by the government should be the electronicization of traditional currencies, magnetic cards, and online settlements. "
This turmoil of the impact of Q coins on the renminbi is also a false alarm for Tencent.