A global coalition of consumer protection agencies, spearheaded by the Norwegian Consumer Council, has launched a bold call for stricter regulations on the multi-billion dollar virtual currency market within video games. This move comes as the gaming industry continues to rely heavily on microtransactions, with companies like Sony, Xbox, Electronic Arts, Take-Two Interactive, and Activision-Blizzard generating substantial revenue from in-game purchases.
The report, which represents the collaborative efforts of 18 countries, delves into the intricacies of virtual currencies and their implementation in popular games like Rainbow Six Siege, Minecraft, Apex Legends, and EA FC 24. The report argues that the current system, where virtual currencies are presented in an abstract way, obscures the actual financial commitment players are making.
The report highlights that game developers utilize psychological tactics to encourage spending, often structuring prices in a way that incentivizes multiple purchases of virtual currency. This, according to the report, can lead to addictive behaviors, creating a dangerous link between virtual currency and real-world finances.
The report concludes that the current system for managing virtual currencies in video games might be operating illegally. The commission hopes their findings will trigger a much-needed conversation about transparency and ethical practices within the gaming industry, ultimately safeguarding players from potentially harmful spending habits.
