The casino-themed YrGrid, also known for its Bitcoin-based currency, announced today that it has opened its doors to the wider metaverse by granting hypergrid access to around forty other virtual worlds. Those grids include 3rd Rock Grid, AviWorlds, DigiWorldz, Dorena’s World, Dreamscape, Great Canadian Grid, Japan Open Grid, Kitely, Littlefield, Lost Paradise,Read More →
In this article I want to address the application of the regulations of the Office of Foreign Assets Control (“OFAC”) to businesses dealing with virtual currencies. This aspect of regulations is often overlooked or ignored, but the fines are very real. This spring, PayPal was fined $7,658,300 because they allowed transactions with Iranian andRead More →
New York State Department of Financial Services has recently released a 31 page application for anyone who wants to engage in doing business with virtual currencies. The application is a convoluted and cumbersome to say the least. But most of all it is costly. If the objective was to createRead More →
In the past, several grid owners have discussed using Bitcoin, the peer-to-peer cryptocurrency, for in-world payments but, until now, no grid has done so — Bitcoins are typically too volatile to be used within a grid. To read more about coins and gambling legislation read on https://www.bestuscasinos.org/legal/new-york/ about what mightRead More →
I’ve written about Bitcoin before, warning that I was worried about volatility and botnets. Bitcoin has been on my mind again, lately, due to a big bubble spurred in part by the Cyprus financial crisis, worries that Linden Dollars might see increased regulation, and a Kaspersky Labs report about botnets beingRead More →
Linden Dollar: Another Virtual Currency Affected by FinCEN. Bitcoin has been in the news recently. But bitcoin is not the only virtual currency. Virtual currencies, in one form or another are here to stay. When U.S. Treasury Department’s enforcement arm, FinCEN, issued its interpretive statement, it recognized this much. TheRead More →