One of many questions raised during the recent crisis was the role of the monetary system and especially the rise of new proprietary currency-systems. While China took an aim at the dollar proposing a new international currency system which would more represent the new geopolitical powerbalance, African telecom providers surprised with the enormous uptake in mobile telephony and the new usage of paying in Mobile minutes. Meanwhile the work of Prof. Margrit Kennedy rose attention with a thorough anslysis of monetary innovations around the world. This week, a landmark event was the ruling of the South Korean court allowing cyber money used in online games, to be exchanged for hard cash.



This ruling will generate new territory for the booming online game industry by attracting people seeking not only entertainment but also money. The South Korean cyber money -”Aden” - was traded at one million Aden for 8,000 SK won. The creation of online money is not a problem as long as the games are skill-games not affiliated with casino/ card games since it than becomes gambling which still is illegal in many countries.

The ruling has brightened the future of the Korean game market,” said Prof. Chung Hae-sang at Dankuk University. “So far, the industry’s growth has been stalled by tough regulations.” (source: Korea Times)

TheĀ  Game Development & Promotion Institute reported that in 2008, game-money trading, might have exceeded 1 trillion won. This recent ruling also paved the way to tax the profits from the trading of “cyber money” with 10 percent value added tax (VAT).


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