Real Life Cash Card Launched To Access Your Virtual Money

Izeickl writes "The BBC is reporting that "A real world cash card that allows gamers to spend money earned in a virtual universe has been launched. Gamers can use the card at cash machines around the world to convert virtual dollars into real currency. The card is offered by the developers of Project Entropia, an online role-playing game that has a real world cash economy.""

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Form 1040 VR

[TripMaster Monkey]

From TFA (emphasis mine):

Last year $165m passed through the game and the founders of the online Universe expect that to at least double in 2006.
The new cash card blurs the boundary between the virtual and physical world even further.
It allows people to access their virtually acquired PEDs and convert them into real world money at any cash machine in the world.
"We are creating the next level of the online experience," said Mr Welter.

Well, prepare yourself for the next level after that...taxation of virtual currency.

Here's an excerpt of the first comment on the above referenced story (again, emphasis mine):

In the U.S., the Internal Revenue Service will eventually take notice of the phenomena when someone who makes lots of real-world money by selling virtual goods gets audited by an ambitous Revenue Agent. Until then, unless you're actually converting virtual goods into real greenbacks, there's not much to say on the subject.

That sure was quick.

Of course, if this comes to pass, it should also work both ways...e.g. I can write off my Second Life costs as 'business expenses'. IANACPA, but I'm sure other, more fiscally talented individuals could take this idea and run with it.