Wow! Linden Labs did something right this time. You ask what it is? Well, in a post by Ken D Linden at Second Life’s Official Blog as of January 22, 2008 virtual banks in Second Life will seize to exist. Quoted text below:
As of January 22, 2008, it will be prohibited to offer interest or any direct return on an investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter.
I guess those virtual banks who can show proof can stay but as far as I know, with regards to banks, banks in Second Life have no actual affiliation to any real life banks anywhere in the world or that they are accredited or licensed to operate by any government. In fact, many, if not most or even all, of them are operated by average people like you and me with no real banking experience whatsoever. (more…)
