China Bans Gold Farming

InformationWeek is reporting that the Chinese government has declared a ban on the sale of virtual goods for real currency. This move is poised to shut down a several billion yuan a year business that has been growing by leaps and bounds every year. "The trading of virtual currency for real cash employs hundreds of thousands of people worldwide and generates between $200 million and $1 billion annually, according to a 2008 survey conducted by Richard Heeks at the University of Manchester. He estimates that between 80% and 85% of gold farmers are based in China. [...] Game companies typically forbid gold farming but committed virtual currency traders find ways around such rules. Some game companies have recognized the futility of trying to ban the practice and have built virtual commerce into their game infrastructure."

Comments

Goldfarmer

[rlp]

Bond: Do you expect me to talk?
Auric Goldfarmer: No Mr. Bond, I expect you to ... play World of Warcraft.

Re:Hundred Millions or Hundred Thousands?

[Hojima]

Seeing as that was a move that the government regretted so much that it's practically purged from their history, and that it was one of the major events that contributed to their economical reforms, I'd say it might be sooner than later. Obviously the little hundred million dollar dent that this law made isn't going to do the trick, but the more the middle class gets bolstered, the more filled bellies with higher ambitions will appear. And once that number gets high enough, who knows what little events will make them snap. I'm only afraid of how much damage the government might do to take its final breath.