Cyber Money Trade
It's Time to Minimize Ill Effects of Court Ruling
What would happen if ``cyber money," or fictional money used in online games, became real cash? It may not be easy to answer this intriguing question even in the era of rapid development of information and communication technology. Many people question: Is it legal or illegal to exchange online game money for hard currency?
The Supreme Court made the question a little easier, ruling that trading cyber money is legal as it is the legitimate result of the users' toil and skills. It stated that trading game money for cash should be punished only when it is obtained by online gambling such as poker and other card games. The top court acquitted two gamers of charges of profiteering nearly 20 million won by selling 234 billion won worth of cyber money earned in the online game Lineage to other gamers.
Lineage is a multiplayer medieval fantasy online role-playing game released in 1998 by NCsoft, a leading South Korean computer game developer. It is available in English, Chinese and Japanese language versions. Lineage's cyber money, called ``Aden," is surreptitiously traded at a rate of one million Aden for 8,000 won. The total amount of Aden and other game money exchanged online in Korea was estimated at 1.5 trillion won last year.
With the landmark ruling, law enforcement agencies cannot crack down on those who convert cyber money into real currency as long as the money is not earned by illegal gambling either in reality or cyberspace. But, the court decision will not likely end the controversy over the legitimacy of the conversion. Rather it has reignited a debate over the pros and cons of the ruling.
It is not surprising that parents' associations and anti-gambling activists criticized the decision, saying that the court set a bad precedent for the younger generation. They argue that the court's actions will have a negative educational effect on students because they may more easily succumb to betting money on different types of online games. The opponents express concerns that computer games might turn into gambling-oriented ones.
Even, NCsoft, Nexon and other local online game developers are against allowing gamers to trade their game money for cash. They point out that they might get into a dispute with users if gamers' fictional money is erased due to technical glitches or system errors. Such a dispute could bring financial losses to online game operators. And professional traders of cyber money are likely to thrive, thereby distorting the intrinsic purpose of game money. There are also worries that cyber money might be abused as a tool for money-laundering and fraud.
But, the game money trade is not without benefits. Optimists welcomed the ruling, expecting that it will give a boost to the local online game market. They say that the court has just lifted one of the stumbling blocks to the industry, adding that a growing number of users will spend more time on cyber games in pursuit of entertainment as well as money. The problem is how to minimize the ill effects of the court decision, while maximizing the merits of cashing out game money.