Found a link to the article:
http://nopaste.me/paste/1757566770509d5e2ccfa83A subset of the virtual goods category is virtual currency, which is regarded as a substitute or competitor for ordinary currency. One of the most prevalent virtual currencies are “Bitcoins”, a peer-to peer decentralized digital currency. For more info on Bitcoins, see mashable’s handy summary here.
Bitcoins (and other virtual currencies) raise further legal issues. Because Bitcoin accounts are identified by a serial number, not a name, and it is therefore hard to determine the identity of the account holder, Bitcoins can be easily transferred without a trail. This could make them attractive to those who may be involved in funding illegal activity, money laundering or Ponzi schemes (a claim the US Security Exchange Commission started investigating in September in respect of one particular trader). Because Bitcoins are a digital-only currency questions of online fraud, theft and misuse, in the absence of regulation, are of central importance.
USA: Several proceedings have been filed against Linden Labs, the developers of the virtual world Second Life, on the basis that Linden have represented that the virtual real estate and goods they have offered for sale are property (See Bragg v Linden Labs [Wikipedia], which settled, and the ongoing class action Evans, Spencer, Spencer, Carter and Ors v Linden Labs and Rosedale [plaintiffs’ website]). [...]
The main focus of the article highlights the emergence and possible legislative steps towards trading and possessing virtual goods, like funny WOW hats, virtual real estate (did you know that someone paid 635k USD(!) for some virtual real estate in the MMO Eutropia Universe:
In fact, in the massively multiplayer online (MMO) game Eutropia Universe, virtual real estate (a virtual resort called Club Neverdie) has been sold for real-world value of US$635,000, a feat which has put it in the Guinness World Record Book. (The previous record was for the sale of a space station in the same game, for over US$300,000). The net circulation of Bitcoins is estimated at over US$100 million.)
and virtual currencies, like SLL and
BTC.
Its neutral in tone towards bitcoin but raises the (legitimate) questions of misuse for illegal activities and legal status if subject of a legal trail.
