17 countries have joined forces to demand stricter regulation of virtual currencies such as V-Bucks and COD Points within the European Union. The Norwegian Consumer Council, along with nearly two dozen other consumer protection agencies, has produced a comprehensive report that criticizes the current lack of regulation in the billion-dollar virtual currency market.

The report focuses on the gaming industry's reliance on microtransactions, where companies like Sony, Xbox, and publishers such as Electronic Arts, Take-Two Interactive, and Activision-Blizzard generate significant revenue from in-game spending. It argues that these companies often use tactics to make virtual currencies appealing, such as pricing in-game items like weapons and skins in a way that requires multiple purchases of virtual currencies.

The report also delves into the psychological aspects of virtual currencies, suggesting that they can reduce the 'pain of paying' for consumers, leading to increased spending. It references studies that show a correlation between the use of virtual currencies and gambling problems, as well as a preference for paying in virtual currency over real money.

For more information on the full report, please visit here.