South Korea Rules 'Virtual' Money on Par With 'Real' Money

Our regular readers know that whenever we write about money in these quarters, we always feel obliged to write the words 'virtual' and 'real' between brackets, as money is by definition virtual – and hence, the term virtual money is a pleonasm.

Apparently the supreme court of South Korea agrees, as they have recently made a ruling stating that online games’ 'virtual' currency, can legally be exchanged for 'real' world currency.  The ruling also stated that transactions using this 'virtual' money will be taxable.

Now lets wait and see if and when the rest of the world will follow in the integration of 'virtual' currencies into the formal economy.