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Virtual Currency Becomes Real In South Korea

Posted by Soulskill on from the license-to-print-money dept.

garylian writes "Massively is reporting that the South Korean Supreme Court has stated that virtual currency is the equivalent of real-world money. For those of you who might not be drawing the link, the core there is that selling in-game currency for real money is essentially just an exchange of currency and perfectly legal in South Korea. This could have sweeping implications for RMT operations the world over, not to mention free-to-play games and... well, online games in general. The official story is available online from JoongAng Daily."

8 of 203 comments (clear)

  1. The real reason by sopssa · · Score: 4, Insightful

    It's lucrative for the government to say that. After all, now they can add tax between exchanges, in top of the service costs too.

    1. Re:The real reason by rarel · · Score: 4, Funny

      Only old people remember that meme.

    2. Re:The real reason by Naturalis+Philosopho · · Score: 4, Insightful

      I think you better take a hard look at how currency is currently issued by real governments. It's been a long time since the gold and silver standards made money even somewhat real, and even longer since a piece of eight made money ultimately real. Heck, an argument could be made that outside of barter we all use the equivalent of star trek type credits already. All the courts are really saying here is that online currency is a form of property like any other than can be bought and sold.

  2. Sweet! by Reason58 · · Score: 5, Funny

    Every time you die in-game you can write off the armor repair costs on your taxes!

  3. Not really surprising by multipartmixed · · Score: 4, Insightful

    Assuming the South Korean currency is not backed something solid (like gold), then their currency is just as virtual as online virtual currency -- it has no actual intrinsic value.

    --

    Do daemons dream of electric sleep()?
    1. Re:Not really surprising by pclminion · · Score: 5, Insightful

      their currency is just as virtual as online virtual currency -- it has no actual intrinsic value.

      Neither does real gold, unless you happen to need to make really really thin wires, or build something which is extremely reflective, or actually make use of gold's natural properties in some other way. Don't delude yourself. There is no such thing as "intrinsic value."

  4. Clueless gamer blog gets it wrong by Animats · · Score: 5, Informative

    The gamer blog has it wrong, the article poster didn't help, and the Slashdot "editors" blew it as usual. Read the article in JoongAng Daily (which they offer in English). The key issue here is that online gambling is illegal in Korea, and two game players were charged criminally for making money from an online game. The Supreme Court of Korea ruled that they were not gambling, so they don't get fined.

    This decision doesn't affect relationships between players and game operators. It's not about EULA enforceability or property rights. It's a criminal law issue. If you trade game currency, you're not going to be fined or go to jail in Korea. Whether a game site can ban you is a separate issue.

  5. Re:Whats the diff? by Jezza · · Score: 4, Interesting

    I suppose it's OK, if you can pay it with Linden Dollars.

    I seriously don't see how this'll work. Real money has the "I promise to pay the bearer" (or similar) thingy, virtual currencies don't. This seems like a pretty huge difference, I don't think the South Koreans have properly thought about it. Imagine if I did pay my income tax with Linden Dollars... Do I only get virtual health care? (I'm a Brit... I realise in the US this isn't funny).

    As long as I can't buy real things with my virtual money then it's not real money! As soon as I can, well then I guess it is (as long as the goods have title, I have to be able to resell them).