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 and
Press Release: PayPal Unveils New Payment Solution for Digital Goods Industry Leaders Facebook and FT.com Using PayPal to Simplify Micropayments for Digital Content SAN FRANCISCO–INNOVATE 2010 — PayPal today announced the upcoming availability of PayPal for digital goods, a new in-context, frictionless payment solution that lets consumers pay for digital
Virtual worlds run by non-profit organizations focus on providing a low-cost platform for other non-profits and individuals. To many in the non-profit sector, in-world economies belong on for-profit grids like Second Life and Blue Mars. However, some non-profits running grids on the OpenSim platform are beginning to embrace in-grid payments
Germany’s Grid4Us and GermanGrid launched in-world money systems yesterday, using the VirWox virtual payment system. The virtual money — Open Metaverse Currency — is fully convertible with US Dollars, Euros and other real world currencies, as well as with Linden Dollars. Unlike previous attempts to set up currencies for in-world
This week, ReactionGrid has released its $8,950 Banbury virtual world server, for those who want to physically own their own virtual universe. But for customers willing to let their virtual worlds be managed by someone else, there are also inexpensive hosted options. Today, ReactionGrid runs one public grid, and a
The company is in Singapore. The owners are in Thailand, Moscow, and Shanghai. What’s the most convenient location for the annual corporate meeting? Hint: it’s got dragons, a spaceport, and a red light district. You might think – China. But the company actually picked a place much cheaper to travel
When it comes to virtual world real estate and design, DeepThink has been a big player, operating one of the largest continents in Second Life. But in recent months, the Shanghai-based company has been refocusing on OpenSim, the open-source platform that’s rapidly becoming the standard for enterprise virtual worlds. OpenSim
According to Ralf Haifisch, a virtual worlds developer, what we’re seeing now is the emergence of a new Internet. And he knows what’s he’s talking about – he was the first one in his part of Germany to run an Internet host there – and sent me a document dating back to 1991 attesting this fact.
OpenSim has many of the same things you can get in SecondLife – land, buildings, furniture, clothes and avatar shapes.