Tuesday, December 26, 2006

Proposed Korean Law to Make Illegal Virtual Currency Trading

Apparently the Korean National Assembly is going to pass a law by the end of the year to stop the trading of virtual currencies in online games. Click on the link below:


While the context of the law seems to be the success of Wang, the Chinese student who made over a million dollars selling virtual MMORPG items (MMORPG: Massively Multiplayer Online Role Playing Game), there are concerns that this law could impact on other activities which do not necessarily amount to "online gaming" yet take place in the same virtual space. One example, would be the educational services in Second World, where Harvard University has a campus; this law might stop Korean students being able to study internationally on equal terms with foreign students. Second World trades in a currency known as Linden dollars.

The law could be seen as a move to block transactions that could grow to a scale that would lead to interference with national fiscal and monetary policies.

Click here for a Korean opinion against the proposal:


I am still looking for a pro amendment opinion but will post one when I find it.

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