China proposes ban on converting game tokens to fiat currency
The General Administration of Press and Publication of China aims to restrict the scope of activities related to in-game tokens.
The General Administration of Press and Publication of China (GAPP) aims to restrict the scope of activities related to in-game tokens. On Dec. 22, the GAPP published a draft of its guidelines for the online games industry, suggesting physical goods purchases and the exchange of game tokens for legal tender should be banned.Â
The guidelines contain 62 Articles and cover a wide range of issues related to the regulation of online games. It proposes some stricter regulations: the companies would have to obtain a license in China, store their customers’ data for up to two years, ensure that their content complies with a list of national and socialist values, and expel any opportunity for anonymous registration of users.
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