Today, the Consumer Financial Protection Bureau released a report on issues related to banking in video games and virtual worlds. The report examines some of the business practices involving gaming currencies and commerce on gaming platforms that seek to create walled-garden, virtual realities.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth of financial transactions in online video games and virtual worlds. These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of billions of dollars in assets, including virtual currencies.
As video games and virtual worlds have become more and more popular, gaming assets have become increasingly valuable. Gaming assets are stored on a player’s accounts and used as a medium of exchange for all sorts of transactions within these worlds, including the purchase of goods and services and person-to-person (“P2P”) transfers.
Missouri and Washington introduced new true lender bills intended to regulate companies, largely FinTechs, that operate under bank partnership models with federally insured depository institutions.
A banking industry case challenging the Consumer Financial Protection Bureau’s credit card late fee rule will be heard in the D.C. Circuit Court following a request to move the case by the bureau.
.jpg)
.jpg)