Korea to ban online game currency trading

Players of online role playing games commonly use real cash to purchase 'virtual gold'

South Korean legislators are to ban commercial trading in the virtual currencies used by online gamers by the end of this year, local media reports say.

Almost $900m worth of virtual cash is being traded every year by gamers in the country, according to official estimates.

Players of massively multiplayer online role playing games commonly use real world cash to purchase 'virtual gold' and other in-game currencies.

The players buy virtual cash to gain an advantage over other players, or to avoid boring and repetitive parts of the game.

With some games requiring tens of hours of play per week to develop a character, busy professionals commonly buy cash and in-game items to keep up with their peers.

Specialised virtual brokerages, such as ItemMania and ItemBay, have been established in Korea to let players buy virtual currency and in-game items, or even exchange one game's currency into another's. 

Players generally buy virtual cash with a credit card on the broker's website and then pick up the virtual currency and items from the broker's agent inside the game.
The new rules will impose fines on companies that broker virtual currency transactions, but do not appear to target exchanges between individual players.

However, it appears possible that virtual currency brokers may be able to move their operations outside the country to avoid legal action.