China’s Virtual Gold Rush To End

Picture courtesy of onlinemassivelymultiplayer


The virtual gold rush may be coming to an end, or at least in China where their government has passed a new law restricting virtual currencies.


A joint announcement by the Chinese Ministry of Culture and the Ministry of Commerce states that:

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 new law will largely restrict ‘gold farming’, a term coined for gamers who would ‘farm’ virtual currencies on online games and then sell it to other gamers. It became a huge trend in China mainly due to the infamous MMO — World of Warcraft. The gold farming business became a very profitable industry in China with a survey suggesting it generates real money of around $200 million to upwards of $1 billion annually back in 2008!


Most people doubt that the new law will hold gold farmers back as larger gold farming businesses will find a way around the restriction. Though it doesn’t make sense why the Chinese government would want to stop an industry that has gotten so large in a time of economic downturn…

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[cnet via wan]

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