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Virtual Currency for Real Goods Banned in China
The Chinese government recently
announced that virtual currency can no longer be traded for real
goods. This ruling has caused quite a stir in the mmorpg
currency selling industry. Although the decision was based
mostly upon China's most popular form of virtual currency, the "QQ
Coin" issued by Tencent.com, currencies such as World of Warcraft
gold may also fall into this category.
The
Chinese government has taken action due to the gambling and other
actions that were being paid for using virtual currency at an
exchange rate comparing to real currency. Taking action
against the competing real world value of these virtual currencies
the ministries stated, "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".
Estimates
point to an excess of several billion yuan last year in trade of
virtual currency. We are no stranger to this huge business as
a service for nearly every popular mmorpg's virtual currency is
offered for real money. However, will this ruling, aimed at
the "QQ Coin" really affect the gold farmers and gold sellers?
The new
rule will limit official game currencies sold by game operators, but
not virtual items. This leaves us questioning still. If
the game currency is not sold by the game operator, is it still
legal to trade for real goods? All will show itself in due
time, and we will see if this law is enforced in China to the degree
that we see a decline in the amount of virtual currency sellers, or
a raise in the prices.
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