China bans gold mining

Add gold from MMORPGs to the list of things China doesn’t approve of. In addition to their crackdown on Internet porn, they’re “poised to shut down a several billion yuan a year business that has been growing by leaps and bounds every year.”

Silly really. We humans have always been fascinated with shiny things; hence the original popularity of gold. Now that we’re in the 2000’s and living more virtually everyday we need shiny virtual gold to buy shiny virtual merchandise.

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.

update: The new rules limit official game currencies sold by game operators, but not “virtual network props such as costumes, games, coins, weapons and other props.”

via slashdot