Korea rules virtual currency as good as cash
Posted by Dr. Raj Murthy in Cash, farmville, Virtual
The ramifications of this move are unprecedented. Farmville and Mafia Wars fans take note.
Read more here
The ramifications of this move are unprecedented. Farmville and Mafia Wars fans take note.
Read more here
3 comments
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I guess I am a little confused. Where does virtual money come from? I mean, do people invest their real money, or rather tangible money, into online gaming and go from there or does it only existed in the realm of online. If it does only exist in its online form, and people can now take this "fake" money and use it as "real" money, won't that devalue world currencies? I was never very good in this area so any clarification would be appreciated.
However, if it stands that Korea recognizes virtual money as legitimate currency then I am sure it won't take long, maybe five years, before we see other governments cashing in on this possibility. Online gaming is too big a business to be ignored much longer with out making it profitable.
I read a book called "Play Money," in which a interested journalist decides to try buying and selling virtual goods as his primary means of income. He used online games like Ultima Online to farm for rare and expensive items which he sold for real money on different websites. While he wasn't as successful as some of the people he interviewed, he did prove that it is possible to make a living from virtual "loot" markets. Of course, he dealt with a profit and the taxes of actual currency, whereas this takes it one step further and bypasses RL money all together.