Filed in archive
Internet
by Greg Cruey on July 6, 2009
A number of news sources (Metaverse Journal, CNN, Venturebeat) are covering new restrictions on virtual currencies in China.
China's Ministry of Commerce has put an end to the exchange of virtual currencies for real money in China.
The virtual world Second Life is the most well known of the virtual economies. But many others exist. Second Life has a virtual currency called Linden Dollars. Linden Dollars can be earned for jobs, goods, and services in Second Life and exchanged for U.S. Dollars at a rate (at the moment) of about 259 Linden Dollars per US Dollar. Except in China now.
One motive for China's actions is a practice called "goldfarming." It involves Chinese workers in near sweatshop conditions playing games. They build up virtual currency or game status and then sell it for real money. China's new rules put an end to that practice - and that's probably good for most game companies. But there are other economic implcations that are more difficult to predict.
© thms.nl
China's Ministry of Commerce has put an end to the exchange of virtual currencies for real money in China.
The virtual world Second Life is the most well known of the virtual economies. But many others exist. Second Life has a virtual currency called Linden Dollars. Linden Dollars can be earned for jobs, goods, and services in Second Life and exchanged for U.S. Dollars at a rate (at the moment) of about 259 Linden Dollars per US Dollar. Except in China now.
One motive for China's actions is a practice called "goldfarming." It involves Chinese workers in near sweatshop conditions playing games. They build up virtual currency or game status and then sell it for real money. China's new rules put an end to that practice - and that's probably good for most game companies. But there are other economic implcations that are more difficult to predict.
© thms.nl
Permalink: China Restricts Virtual Currencies
Trackback: http://publish.creative-weblogging.com/publish/mt-tb.pl/155806
Addthis
Ask
Blinklist
del.icio.us
Digg
Fark
Facebook
Google
Lycos
Ma.gnolia
Mr Wong
Netscape
Netvousz
Newsvine
Reddit
StumbleUpon
Slashdot
Tailrank
Technorati
Wink
Yahoo
Vote for China Restricts Virtual Currencies:
|
Rating: 6.00 out of 1 vote(s) cast.
|
Subscribe
Use the search to look for other interesting posts
| RSS |  See all blog subscribe options |
 What is RSS? | |
| Yahoo! |
|
| Addthis |
|
| Bloglines |
|
| Newsletter | |
| Follow us on Twitter! |
