featured3 500x242 Korea legislates to ban real money trading

According to the Korea Times, Korea’s Ministry of Culture, Sports and Tourism has announced that it will be stopping all virtual item trades with a new law that will be announced in July.

“The main purpose of the games is for entertainment and should be used for academic and other good purposes,” said Kim Kap-Soo, head of the ministry’s content policy division.

He stresses that item collection for commercial use is a serious hindrance to creating a healthy game culture.

Korean law already prohibits users from using programs that allow in-game characters to hunt and collect items without the need of player intervention(botting).

Offenders will face up a fine of up to 50 million won, and 5 years in jail.

How will this affect Diablo III’s auction house in South Korea? Should real money trading be banned in other countries as well?

Source : Korea Times, EuroGamer