China Bans Virtual Currency – In One Step Drastically Reducing Gold Farming, Increasing Value for Others, & Hurting Their Economy
In a surprising move China announced today a ban on the use of all virtual currency for real goods and services. Virtual currency will only be allowed to trade for virtual services and goods by the issuer and not real goods and services (or converted to real money). In addition, minors may not purchase any virtual money. The Ministry of Culture will increase supervision of online activities and virtual trade.
The virtual money trade in China has grown about 20% annually and had reached billions of Yuan last year. This move will definately hurth the Chinese economy at least in the short term and put many Gold Farmers (long the scurge of the World of Warcraft and other popular MMORPGs)and Virtual employees out of work. The lack of production due to these new restrictions will surely decrease the availability of virutal currency and items and increase their value.
WoW Gold Farming HD Gameplay Video:
Read the full release here.
Jun 30, 2009 at 03:38:09
It’s about time. I can’t see how this is good for China’s economy but it’ll make a lot of people that play MMOs happy. Gold Farming has always been a big problem in MMOs, causing inflation and devaluation of items.