Yesterday, Facebook killed its virtual currency. (Thanks Travis Ross for the heads up.) However, the payment systems behind the FB Credit remain in place, including the outrageous 30% redemption tax, which provided FB with 18 percent of its revenue last year. The difference seems to be one of branding. An FB app can have its own virtual currency and give users a link where they can pay cash to FB (in local currencies - Yen, Euros, whatever Greece decides on, etc.) in return for the virtual coin. The coin then flows through the app back to the devs. The devs then send the virtual money to FB and redeem it again in the local currency (less the 30% tax).This works just like the FB credit, except that the name "Facebook Credit" is not attached to the virtual money. The name is given by the App developer.
So you won't be seeing Facebook Credits, but in an age of seemless, costless translation from one currency to the next, the *name* of the currency no longer matters. The question is now, to what exchange system does a currency belong? What are the transaction fees between it and other currencies? What does it let you buy?
This just keeps getting curiouser and curiouser.