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Jun 30 2009

China Bans Virtual Currency Trade

Published by at 4:06 pm under Breaking News

The Chinese government has announced that virtual currency cannot be traded for real money.

The virtual currency, which is converted into real money at a certain exchange rate, will only be allowed to trade in virtual goods and services provided by its issuer, not real goods and services.” it said.

According to media reports, the virtual money trade topped several billion yuan last year after rising around 20 percent annually. One billion yuan is currently equal to about $146 million. The ruling is likely to affect many of the more than 300 million Internet users in China, as well as those in other countries involved in virtual currency trading. More than 80%  of gold farmers are based in China.



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