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China Curbs Use of Virtual Money
In an effort to stave off a new form of money laundering, prohibited gambling and threats to the Chinese yuan (Chinese currency), Chinese Web sites have been ordered to limit the use of virtual money....
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PC World: Virtual Gold Could Draw Real Taxes
PC World discusses Congressional investigations into whether virtual gains will be taxable. Click here to read the article.
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GameSpot Article: IRS Taxation of Game Assets Inevitable
According to GameSpot, it won’t belong before the IRS starts taxing gains made while playing virtual reality games. Dale’s Comment: I agree. If a school teacher named Ailin Graef (a.k.a. Anshe Chung in...
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Anshe Chung Becomes First Second Life Millionaire?
Business Week and others are reporting that Anshe Chung, a Second Life character created by Ailin Graef (a teacher born and raised in China – now residing in Germany) has grown an initial $9.95...
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Article: Are Virtual-reality Games the New Wild West?
Dan Bradbury writes an interesting piece in Backbone Magazine about the virtual goings on in MMORPGs and some of the legal implications. Among other things he discusses Mark Bragg's virtual property...
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Australian Tax Office Will Tax Income from Virtual Transactions
A spokesperson for he Australian Tax Office, in what is probably a world first, has said that if a virtual transaction has real world implications – if it can be attributed a monetary value – it...
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Representative Jim Saxton Believes Taxing Virtual Economies Would be a Mistake
JEC Press Release The Chairman of the U.S. Congressional Joint Economic Committee (JEC), Jim Saxton, believes taxing virtual economies would be a mistake. The goal of a forthcoming JEC study is to...
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Is an Eve Online Ponzi Scam an Actionable Fraud or Taxable by IRS?
Gamer’s with Jobs has a very interesting article about a recent Eve Online virtual ponzi scheme where ‘Dentara Rast’, the gaming name of an Eve Online player, scammed 700 billion ISK (the in-game...
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Entropia Universe to use Real ATM Cards
The Entropia Universe bills itself as “the first virtual universe – with a real cash economy” (the Second Life operators may dispute this claim). It’s operator/developer, Mindark PE plans to introduce...
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Dragon Slayers or Tax Evaders?
Buying and selling imaginary goods in computer-game worlds is big business. Now let’s figure out whether gamers should pay real-world taxes on virtual treasures. Source: Legal Affairs Related Virtual...
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Video Games Create a Whole New World of Legal Liabilities
Chris Bennett, of Davis & Company, LLP describes numerous possible new legal liabilities flowing from video game play. He discusses online theft, online assault, offlline assaults and cheating....
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