tag:blogger.com,1999:blog-5052063230340348434.post5305624365047084962..comments2024-03-14T18:35:50.281+00:00Comments on The Fine Print: Should Central Banks Supervise Facebook Credits?Unknownnoreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5052063230340348434.post-49910916089353275382012-02-20T14:18:34.188+00:002012-02-20T14:18:34.188+00:00A pleasure. Thank you.A pleasure. Thank you.Pragmatisthttps://www.blogger.com/profile/00936849584688147006noreply@blogger.comtag:blogger.com,1999:blog-5052063230340348434.post-24269655491315891942012-02-18T18:48:26.760+00:002012-02-18T18:48:26.760+00:00Thank you very much - really great blog by the way...Thank you very much - really great blog by the way!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5052063230340348434.post-28787512114691954162012-02-18T18:33:49.293+00:002012-02-18T18:33:49.293+00:00I have not burrowed into the Zynga scenario specif...I have not burrowed into the Zynga scenario specifically, but if they have set it up correctly to use FB Credits, this should be apparent from the terms and conditions and other language accessible to you as you go through the screen flow when you register for, or you are issued, the FB Credits. You're right that in such a case FB would be issuing/redeeming the FB Credits and settling to Zynga the amount of 'real' money owed to Zynga, net of FB's fees.Pragmatisthttps://www.blogger.com/profile/00936849584688147006noreply@blogger.comtag:blogger.com,1999:blog-5052063230340348434.post-84496765565210043352012-02-18T17:08:50.120+00:002012-02-18T17:08:50.120+00:00So basically - when users exchange FB credits for ...So basically - when users exchange FB credits for Zynga currency, even though it would appear that Zynga is "accepting" the FB currency here, what is actually happening is that FB is processing the "exchange" (i.e. issuing and redeeming) internally, and all Zynga ends up getting is real money...and so the only "currency" being exchanged by FB and Zynga is not of a virtual nature...is this correct? Would you happen to know of any sources which detail this FB Credit mechanism? I'm writing a paper...thank you!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5052063230340348434.post-13587387115545868902012-02-18T16:01:44.714+00:002012-02-18T16:01:44.714+00:00FB Credits are redeemable for/in Zynga games, but ...FB Credits are redeemable for/in Zynga games, but the relevant Facebook entity remains the issuer and redeemer of the Credits themselves. The need to manage/monitor this may at least partly explain the restrictions reported here: http://en.wikipedia.org/wiki/Zynga#Relationship_with_FacebookPragmatisthttps://www.blogger.com/profile/00936849584688147006noreply@blogger.comtag:blogger.com,1999:blog-5052063230340348434.post-53011768653868652592012-02-18T13:16:52.276+00:002012-02-18T13:16:52.276+00:00Quick question - are Facebook Credits not useable ...Quick question - are Facebook Credits not useable in Zynga games, meaning it is accepted by a person other than Facebook and hence could potentially fall under the definition of E-money? If this analysis is correct, would Facebook's only recourse be to rely on one of the reg 3 exemptions?Anonymousnoreply@blogger.com