China bans virtual cash
p2pnet news view | P2P | Politics:- ‘Virtual’ money isn’t really virtual.
A lot of people make a lot of real cash out of it.
And that’s why the news China has decided pretend money can no longer be exchanged for real goods and services is significant.
A new law will, “effectively ban the practice of gold farming,” says The Escapist, going on
The “virtual money trade” was worth several billion yuan last year [one billion yuan is worth $146 million], according to a statement by the Ministry of Commerce of the People’s Republic of China, and has experienced an annual growth rate of roughly 20 percent.
“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 Chinese government declared. The new rules also forbid the purchase of virtual currency by minors, while using it for gambling purposes is punishable by “public security authorities.”
Up to 85% of all gold farmers are based in China, says the post, quoting Chinese online industry expert Cui Ran as saying Communist leaders want to “nip illegal online activities in the bud” by implementing legislation while it was still practical to do so.
He said although the volume of trading is, “still too small to affect the Chinese economy,” as the industry grows it’ll, “eventually begin to have an impact”.
The Escapist – China Bans Gold Farming, June 29, 2009
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June 30th, 2009 at 4:01 pm
ummmmmmm
I’m confused.
virtual money can be used for virtual goods and services……
now, how does one get virtual money?
July 1st, 2009 at 1:45 am
One gets virtual money by killing monsters. Duh!