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In-Game Currency. Is it Electronic Money?. Simon Bradshaw. School of Law (LLM 2007/8), University of Edinburgh. In-Game Currency. Is it Electronic Money?. Simon Bradshaw. School of Law (LLM 2007/8), University of Edinburgh.

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In-Game Currency

Is it Electronic Money?

Simon Bradshaw

School of Law (LLM 2007/8), University of Edinburgh


In-Game Currency

Is it Electronic Money?

Simon Bradshaw

School of Law (LLM 2007/8), University of Edinburgh


‘electronic money’ shall mean monetary value as represented by a claim on the issuer…

EM Directive, Art 1(3)(b)


EM Directive, Art 3(1)


‘electronic money’ shall mean monetary value as represented by a claim on the issuer…

EM Directive, Art 1(3)(b)


  • …which is: represented by a claim on the issuer…

    • (i) stored on an electronic device;

    • (ii) issued on receipt of funds of an amount not less in value than the monetary value issued;

    • (iii) accepted as means of payment by undertakings other than the issuer.

EM Directive, Art 1(3)(b) cont’d


From ‘ represented by a claim on the issuer…The Coming Second Life Business Cycle’, Matthew Beller

http://mises.org/story/2640


  • …which is: represented by a claim on the issuer…

    • (i) stored on an electronic device;

    • (ii) issued on receipt of funds of an amount not less in value than the monetary value issued;

    • (iii) accepted as means of payment by undertakings other than the issuer.

EM Directive, Art 1(3)(b) cont’d


EM Directive, Art 4


  • The business activities of electronic money institutions other than the issuing of electronic money shall be restricted to:

    • (a) the provision of closely related financial and non-financial services … excluding the granting of any form of credit; and

    • (b) the storing of data on the electronic device on behalf of other undertakings or public institutions.

EM Directive, Art 5


Electronic money institutions shall not have any holdings in other undertakings except where these undertakings perform operational or other ancillary functions related to electronic money issued or distributed by the institution concerned.

EM Directive, Art 5 cont’d


Of course, we’ll know when we have genuine redeemable wealth inside a virtual world when it becomes worth the effort of stealing it…


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