Virtual bank for virtual reality - Create virtual currenc...
Virtual bank for virtual reality - Create virtual currency that can be used in all virtual reality and game spaces
Q1: Will the banking regulators support this? My hope is that the OCC and FDIC would rather have a regulated currency exchange with their oversite than have 20 de facto unregulated currency exchanges as they have today. I would also hope that regulators would be happier about soundness of operations.
Idea Description
Create a single unit of virtual currency that can be used universally by all virtual realities and games. Allow people to purchase and sell the currency so that it can be used to pay for virtual services and people can be gainfully employed in virtual worlds. The virtual bank makes money the same way a normal bank does, by holding and lending out the real money which is "on deposit" in essence while the consumer is in possession of the virtual currency units. This is more efficient for consumers and relieves the virtual worlds of fraud concerns and regulatory issues.
What will you do if you win $10,000 for this idea?
Setting up a partnership to borrow a charter from a Silicon Valley credit union. Reviewing plans with the OCC to ensure adequate buy in from regulatory agencies, and buying hardware to begin building out the environment and software to create the virtual bank.
Vote for it now.
Agreed on the VCE. That is what was intended. Same unit of currency can not be used universally. Thank you for clarifying.
I'd prefer a VCE - virtual currency exchange. This keeps each game economy separate, but allows trade and growth of each currency based on the popularity of the game.
It's being done by cellular companies in asia. they call it smart money and Gcash. You can pay starbucks and other retailers by sending a text message, remit money thru text and pass credits to others who can use the credit to pay reatailers or other cellphone users for different services.