China cracks down on game coin trading, mandates CBDC wallets
On Friday, December 22, Chinese regulators introduced new draft rules for online video games, zeroing in on players’ spending amid a broader crackdown on the sector. Among the unveiled rules were those that require that game coin trading services must use real-name central bank digital currency (CBDC) wallets . China sets spending limits and bans daily login rewards According to the draft, game coin trading service providers will be required to use the true names of their digital renminbi (RMB) wallets and must not offer anonymous services. Furthermore, the regulators banned services that allow players to exchange game coins for fiat. The draft, published by the National Press and Publication Administration (NPPA), also said online games will have to impose spending limits and get rid of daily login rewards. Additionally, the rules proposed prohibiting significant tips for rewards to players who livestream their games, and also banning online games from providing pro...
