World's First Virtual Banking Licenses

An anonymous reader writes to mention a new, unique situation in Massively Multiplayer games. The Entropia Universe title has broken new ground by being granted five virtual banking licenses. These are exactly what you think they are: in-game bankers can transfer Entropia funds directly to your real-world bank account as real world cash. The well-known conversion rate between EU cash and real money allows this; more entertainingly, you can withdraw RL cash into EU notes via the banks as well. From the article: "These two-year exclusive licenses will be available through the public auction within Entropia Universe and will be open for bids beginning mid January 2007. Entropia Universe is the only virtual universe on the internet whose currency has a fixed exchange rate with the US Dollar. Its currency can easily be moved between Entropia Universe and the real world using an ATM card. The Entropia ATM card can be used to instantly withdraw real cash from over 1 million ATM machines worldwide"

PEDs

[Thansal]

a Quick note.
Project Entropia Dolars (PEDs) is the currency in Entropia Universe (Previously reffered to as Project Entropia), not EU notes.

Just to make sure that people don't think that money from the EU isn't real, despite what most of us americans seem to think, they are trouncing us in value currently.

EU Conversion Rate

[mattwarden]

The well-known conversion rate between EU cash and real money allows this

For those interested, the EU-to-real-money conversion rate is 1.00 EU = 1.29972 USD according to xe.com.

Not sure how this is news, though. I have been converting between US dollars and Euros for years.

Re:EU Conversion Rate

[Rosco P. Coltrane]

The point is that "EU cash" here refers to Entropia Universe cash, more commonly known as PED (Project Entropia Dollars). The fixed rate between these currencies is 1 USD = 10 PED.

Just imagine paying your Verizon bill [consumerist.com] in PED :)

In other new Entropia declares Statehood.

[powerlord]

As part of this declaration, a proclamation was issued by Entropia's in-game elected governing body, declaring a mandatory 10 year maximum for Copyright, and very liberal "Fair Use" rights.

The RIAA and MPAA immediately filed for a DMCA take-down notice against Entropia's ISP.

Entropia in-game governing body could not be reached for comment.