Chinese Gold Farming Hits Potential Drought

As the world economy was spiraling downward, some creative Chinese gamers were making a living by selling Westerners their virtual gold for real money in online games like World of Warcraft. But the online gold rush may be over in China, as officials seek to ban the practice by releasing the first regulations on virtual currency.

According to the new regulations, players can buy prepaid cards in real dollars that are converted to virtual currency at a specific exchange rate. The currency can only be used in the trade of virtual and not real goods and services.

“Gold farming” is an Internet trend in which gamers in less developed countries collect virtual gold and sell it to wealthier players in massively multi-player online role-playing games like World of Warcraft and Everquest.

The trading of virtual for real money brought in between $200 million and $1 billion last year. Gaming experts believe that those engaged in the practice will find a way around the regulations, though it may shut down smaller shops and independent gold farmers.

(link)

By RMJ on 08-07-2009