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Intellectual Property Law

: Video Game Law Blog

Gold Farming banned in China

By Chris Bennett, Tudor Carsten, Michael R. Coburn, Sarah Dale-Harris, Pablo Guzman, Danielle (Dani) Lemon, Chris Metcalfe and David Spratley

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New Chinese legislation has banned the exchange of virtual currency for real goods and services and consequently, it bans the practice of gold farming. The legislation also outlaws the purchase of virtual currency by minors and the use of the virtual currency for gambling.

The virtual currency will only be allowed to be traded in for virtual goods and services provided by the issuer.

Last year, virtual money trade was worth several billion yuan and it has experienced an average annual growth rate of approximately 20%.

Source: Escapist Magazine

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Full post as published by Video Game Law Blog on July 02, 2009 (boomark / email).

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