Facebook Gives Up on Facebook Credits

Social network instead allowing users to purchase virtual goods with real money

Facebook has begun phasing out its Credits virtual currency, which users had purchased from the social network to put toward buying everything from FarmVille’s virtual currency to live concerts. Instead, users will put real money toward those purchases, so that a U.S. user will pay in dollars, a British user will pay in pounds, etc. Facebook will transition all apps or games that sell virtual goods to local currency by year’s end.