China Bans Gold Farming

Red China has imposed a new legal philosophy declaring that virtual vogue arse no longer be exchanged for real goods and services, a decision that will effectively forbidding the praxis of gold farming.

The "realistic money trade" was worth various zillion yuan last year [combined billion yuan is worth $146 million], according to a statement past the Ministry of Commerce of the Multitude's Commonwealth of China, and has experienced an annual outgrowth rate of rough 20 per centum.

"The virtual up-to-dateness, which is reborn into real money at a certain commute grade, volition only embody allowed to trade in virtual goods and services provided by its issuer, non real goods and services," the Chinese authorities declared. The new rules also forbid the purchase of virtual currency by minor league, while using it for gambling purposes is punishable by "public security authorities."

An estimated 80 to 85 percent of all gold farmers are founded in China, generating revenues of $200 million to $1 billion annually, reported to Richard Heeks of the University of Manchester. And while most game companies have rules against it, the rehearse remains widespread.

Taiwanese "online industry expert" Cui Ran said the government was attempting to "nip illegal online activities in the bud" by implementing legislation while it was still operable to do so. Despite the large amounts of money involved, he said the volume of trading is calm down too small to affect the Chinese economic system, but as the industry grew it would eventually begin to have an impact.

Beginning: Information Week, via GamePolitics

https://www.escapistmagazine.com/china-bans-gold-farming/

Source: https://www.escapistmagazine.com/china-bans-gold-farming/

Share this post