Virtual currencies surge amid Bitcoin craze  

跟风比特币热潮 中国Q币等虚拟货币集体涨价

(ECNS) -- As bitcoins are gaining popularity and value in China, prices for virtual currencies in China, such as Q-coin, have been surging to new highs, the Beijing Evening News said.

Q-coin, issued by Tencent, the country's leading Internet community operator, is a virtual currency to purchase QQ-related products and services online.

A Q-coin investor surnamed Li, who has been speculating on it since 2003, said he earns 2,000 to 3,000 yuan ($333 to $500) per month by buying low and selling high.

A Q-coin is now priced at 0.95 yuan online by some sellers, Li said, adding that it reached new highs since the market was fueled by the frenzy to vote online with Q-coins during a singing contest in 2006.

He said the rate on the black market for a QQ coin jumped as fans paid real money to buy the virtual currency to vote in the "Chinese Super Voice Girl" contest (China's "American Idol").

Li said he hoped "Q-coin can fetch dollars and euros one day."

Q-coin as a payment has become more broadly accepted by online stores and gaming sites. It even acts as a medium of exchange for real-world goods in some cases.

The report also said other virtual currencies issued by Chinese Internet companies, such as Dianjuan by SNDA, Baidu-coin by Baidu, Yuanbao by Dangdang, and Sina's virtual currency, all are gaining value.

Worldwide, prices for litecoin, peercoin, megacoin - all virtual currencies - also experienced a surge, it said.