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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