
It’s fairly well known by now that most governments and the laws they enact do not do a good job of keeping pace with technology. Even so, some moves being proposed by a US government agency might be providing some manner of help when it comes to digital currencies in multiple video games such as Roblox.
The US Consumer Financial Protection Bureau (CFPB), a government agency that implements and enforces federal consumer financial law, is proposing a rule interpretation of the Electronic Fund Transfer Act (EFTA) and Regulation E that would extend protection to virtual currencies similar to those that cover real-world currencies and bank accounts.
The CFPB is electing to make these moves following a report from last April that argues that virtual items bought, sold, and traded in games like Roblox and Second Life “can have considerable value including outside of the game itself,” found monetization can often target younger players, and discovered how consumers have “limited recourse from gaming companies” when disputing unauthorized charges.
The agency is asking gamers to share their experiences with digital currencies, including types of transactions, problems with using currency, and what protections they think are necessary. Those who want to respond are asked to email the agency before the comment period ends on March 31st.