All of you are known to the term Second Life, a 3D virtual world created by linden Lab that exists only on internet. More than 900,000 users have logged-in until now to create their avatars on the imaginary world. On the 3D earth users not do just gaming but sale and buy property and interact with other players as well. An astonishing figure is that the virtual world encounters $350,000 of huge per day transaction that grows to more than $130 million a year.
Players buy and sell goods online using virtual currency called ‘Linden Dollars’ that also offers a chance to the users to convert their virtual currency into real one i.e. US dollars.
So keeping a keen eye on such a big transaction, congressional committee is trying to entrap the virtual economy in taxation venture. The committee says that they are not trying to tax sale of video games but the virtual assets that exists in real market.
However the newly proposed memo will surely disappoint the virtual world inhabitants who have sacked a good amount in the virtual world. As recently Second Life has got its first millionaire as Anshe Chung, an avatar of Ailin Graef who is a Chinese citizen and kicked off with $10 Linden dollars that is grated to the users to go with them on the virtual world as you sign-in to the Second Life initially.
Presently 257 Linden dollars equals 1U.S. dollar and as per calculation Anshe got somewhat $3,636.36 US dollars of real currency for 1 million Linden Dollars.
The tax issue is inevitable as economists say but the obstacle in the way is government’s obstinate behavior that says there takes place no real transaction i.e. deal is not in real currency.
As Second life inhabitants says themselves that the 3D virtual world economy is growing very rapidly and soon it will slash down the real economy.
The politicians are making the ostensible issue a moot point for nothing because the transaction of real currency exists there and imposition of tax on virtual economy is justified.
Via: news.com
