We have reported the rumored Sina Weibo’s virtual currency, Weibi. There is no official announcement from Sina so far on how and when Sina Weibo will introduce its e-commerce system. But, interesting enough, Sina just updated its development document which leaks the information about its Weibi currency.

Here is how Weibi is defined in the Wiki document for Sina Weibo app developers:

Weibi is the virtual currency issued by Sina Weibo platform. Weibi can be used to purchase all sorts of virtual products and VAS (including the ones from third-parties). The exchange rate of Weibi and CNY is 1:1.

The document also details the requirements for Weibo app developers to use Weibi system. In order to have Weibi system integrated into weibo apps, documents like company name, photocopy of company license, photocopy of ID cards, Tax files etc must be submitted to Sina for validation. That implies Individual developers are not eligible to make money on Weibo.

No confirmed information yet about how the revenue is going to be split between Sina and the development companies and when Weibi system will be finally kicked off. But Clearly, Sina wants to see some apps ready before the launch.