News: Virtual Currency Becomes Real In South Korea

[News Bot]

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."


Read more of this story at Slashdot.

[MarieWoodell]

Another step in the right direction to give people a legal right when their virtual stuff is stolen from them. Go Korea

[thoreau]

Originally Posted by MarieWoodell

Another step in the right direction to give people a legal right when their virtual stuff is stolen from them. Go Korea

The article is incorrect. This decision by the court does nothing of the sort.

It is only a strict interpretation of current law. It gives no new status to virtual items or coin.

All the Supreme Court seems to have done here is interpret that statute exactly as it is written, not imposing criminal liability in a case that did not involve botting, hacking, etc.

http://terranova.blogs.com/terra_nov...some-rmt-.html

[MarieWoodell]

Originally Posted by thoreau

The article is incorrect. This decision by the court does nothing of the sort.

It is only a strict interpretation of current law. It gives no new status to virtual items or coin.



http://terranova.blogs.com/terra_nov...some-rmt-.html

Oh thats a pain. Thanks for linking to that.