China Bans Gold Farming

[anon]

Trading virtual goods for real money has been banned in China, putting hundreds of millions of dollars in economic activity at risk.

In addition to its ongoing crackdown on Internet porn, the Chinese government has declared that virtual currency cannot be traded for real goods or services.

Virtual currency, as defined by Chinese authorities, includes "prepaid cards of cyber-games," according to a joint release issued by China's Ministry of Culture and Ministry of Commerce on Friday.

"The virtual currency, which is converted into real money at a certain exchange rate, will only be allowed to trade in virtual goods and services provided by its issuer, not real goods and services," the Ministries said.

The Chinese government estimates that trade in virtual currency exceeded several billion yuan last year, a figure that it claims has been growing at a rate of 20% annually. One billion yuan is currently equal to about $146 million.

China Bans Gold Farming -- InformationWeek (http://www.informationweek.com/news/internet/ebusiness/showArticle.jhtml?articleID=218101859)

[slikrapid]

i suppose e-banking will be an exception to this 'rule'


putting hundreds of millions of dollars in economic activity at risk.

if its virtual then nothing is put at risk :tongue:

generally speaking some kind of control/verification has to be in place when using these virtual services, meaning that every virtual monetary 'value' should have a basis in 'real value', ie.

money input = virtual transactions through various 'hands' = money output

meaning there shouldn't be a way to 'create' non-existing value by using the system

[anon]

i suppose e-banking will be an exception to this 'rule'

Remember this ban is placed on MMORPG gold farming, I don't think it's going to affect e-banking :tongue:

[slikrapid]

that part was meant as sarcasm :tongue:

[James73]

Remember this ban is placed on MMORPG gold farming, I don't think it's going to affect e-banking :tongue:

Glad to know the Government has decided to take measures, I was a World of Warcraft player, and you guys can't have idea of how many spams I received in game from chinese uses trying to sell me virtual gold for real money, really annoying!