By Thomas Claburn InformationWeek juni 29, 2009 02:20 PM
In addition to its ongoing crackdown on Internet porn, the Chinese government has declared that virtual currency cannot be traded for real goods or services.
Virtual currency, as defined by Chinese authorities, includes "prepaid cards of cyber-games," according to a joint release issued by China's Ministry of Culture and Ministry of Commerce on Friday.
"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 Ministries said.
The Chinese government estimates that trade in virtual currency exceeded several billion yuan last year, a figure that it claims has been growing at a rate of 20% annually. One billion yuan is currently equal to about $146 million.
It's estimated that 80 to 85 percent of gold farmers reside in China.
I don't really understand, people also can't play pay2play games in China now? If you look at their definition, which includes the following: "prepaid cards of cyber-games" it looks like you also can't buy gamecards and the likes for wow etc.
But I am curious what the full definition of 'virtual currency' entails. Stuff like this with grey areas of the law and rules interest me. (I'm not saying this law is vague or has grey areas, just saying I think it's interesting)
Ryoko wrote:1. They will still do it anyway. Laws or not. 2. If they stopped selling virtual goods for cash altogether, china would go broke.
One of the biggest economies in the world going broke over a couple hundred million bucks? Not even Holland would go even remotely broke over such a small amount.
From what I heard on one news broadcast, China has a problem with the local authorities enforcing the law. There is some corruption and bribery going on, so the police do not always enforce some laws. So my feeling is that goldfarming may still go on.
Musaboru wrote:From what I heard on one news broadcast, China has a problem with the local authorities enforcing the law. There is some corruption and bribery going on, so the police do not always enforce some laws. So my feeling is that goldfarming may still go on.
Yup they bribe them with SOM or SUN + 1000000000000
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