More on China and virtual currency

The PlaynoEvil blog has the best summary i have seen of the key issues — and they still have wideranging implications!

– If the service is shut off, customers are entitled to a refund of unused currency.

– “virtual currency should be exchanged only for virtual goods and services provided by the issuer of the currency” (this would cause problems for a lot of the third party currency folks here in the US and elsewhere)

– Companies already involved in virtual currency trading are required to register with the local cultural affairs bureau within three months.

– Minors may not buy virtual money. THIS IS POTENTIALLY HUGE. If enforced, this would essentially shut down most MMOs that use the Free-to-Play business model.

— via Chinese Government DOES NOT ban Gold Farming – Puts Free-to-Play in Jeopardy Instead – PlayNoEvil Game Security News & Analysis.