Virtual Currency Virtually Banned in China

Posted by John B. Frank Monday, June 29, 2009

China Cracks Down on Virtual Currency, For Real - China Journal - WSJ

In the latest blow to online gamers in China, Beijing has prohibited the use of virtual money to buy real world goods.

‬‪‬‪Until now, online game players who win virtual currency have been able to use it to purchase all sorts of things, including real money, giving rise to a burgeoning trade in virtual currency, valued at 10 billion to 13 billion yuan in 2008, according to the China Internet Network Information Centre (CNNIC).

But no more. According to new regulations released jointly by the Ministry of Commerce and the Ministry of Culture last week, virtual currency should be exchanged only for virtual goods and services provided by the issuer of the currency.

Continue Reading at Wall Street Journal

Editor's Note: SecondLife is a prominent provider of Virtual Currency, to learn more about them, click here

virutal currency, China, Online Gamers, SecondLife

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