Summary
The Consumer Financial Protection Bureau is monitoring financial transactions in online gaming, including the use of in-game currency and virtual assets. The agency is concerned about scams, theft, and criminal activities in the space. Third-party websites allow trading between in-game items and Bitcoin, and blockchain-based games and platforms are also under scrutiny. The CFPB will continue to work with other agencies to monitor the space and focus on companies that harvest and monetize sensitive consumer data.
Key Points
1. The U.S. Consumer Financial Protection Bureau (CFPB) is closely monitoring financial transactions in online gaming platforms to protect consumers in financial markets.
2. The agency is particularly concerned about the conversion of fiat currency into in-game currency, as well as the trading of gaming assets for goods and services or peer-to-peer transfers, which they classify as “banking in video games and virtual worlds.”
3. The CFPB is also focusing on third-party websites that allow trading of in-game items and currencies for cryptocurrencies like Bitcoin, as well as blockchain-based games, DeFi-lending platforms, and NFTs within the gaming industry.