In South Korea, Cyberspace Currency is Equal to Real Money

The Supreme Court held in South Korea has decided that the virtual currency used in cyberspace is the equivalent of real money. According to experts, this case may affect other parts of the world. The Supreme Court of South Korea made it clear that the virtual currency used in various games and online services is the equivalent of real money and can be exchanged freely between them. (Source: “The Korea Times) According to lawyers in the country and experts in computer games as a legal precedent which should strongly contribute to online gaming and other development projects of virtual entertainment that will attract users not only Spending time but also make money. The Supreme Court of South Korea are both passionate about video games, who won 20 million won (approximately U.S. $ 17 700) the exchange of virtual currency on a popular video game called “Lineage 2″. They exchanged “Aden” (called the money in the world of “Lineage 2″) that won the game in the currency of South Korea: 1 million, “Aden” to 8 thousand won. In 2008, these players have been sentenced by the Court and were fined 2 and 4 million in fines cattle. In addition, the court prohibits the exchange of virtual currency with real money. But then the Court of Appeal quashed the conviction and the Supreme Court put an end to this affair. Judge of the Court of Appeal, Min-Young said that change during game virtual money earned cash should be prohibited only if made in internet gaming such as poker. The final decision has caused controversy because of the legal response. For example, people like Professor Chung Hae-SANGIS Dankuko think the court decision opens promising perspectives of South Korean computer games, that development is limited due to severe restrictions. Others, including various public agencies and parents argue that validation of virtual money will be a bad incentive for the young generation.

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