China Blocks Using Virtual Currency For Real Goods

To prevent potential illicit schemes and money laundering, China has outlawed using virtual currency for real goods and services.

china-blocks-using-virtual-currency-for-real-goods

To prevent potential illicit schemes and money laundering, China has outlawed using virtual currency for real goods and services. They’ve also banned minors from buying virtual cash. Virtual currency will be limited solely to virtual goods and services offered by the currency issuer. With approximately 300 million internet users, estimates put Chinese virtual currency trading at around 2 billion yuan last year. It’s unclear what effect if any the new regulations will have on the practice of gold farming–selling virtual, in-game currency known as “gold” for real money. Gold farming is a large industry in China bringing in millions each year and the new regulations throw questions onto its future.

Source: ArsTechnica.

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