world of warcraft in game casinos banned

The traditional methods for money laundering, such as the use of shell companies, offshore accounts, or fraudulent record keeping, are not always going to be the most effective and inconspicuous ways to launder money. One example of these new technologies is cryptocurrency, which is a type of virtual currency that functions as a real currency but is not issued or backed by central governments. With the influx of new technology, these issues will create new and possibly more efficient means to launder money. There are many issues faced when it comes to these new methods to commit cybercrime. These punishments usually involve a ban from the game but have no legal consequences. Instead, it is up to the company itself to regulate and monitor its own transactions and to punish individuals who act immorally in the game. Currently, videogames do not have any governmental regulation when it comes to monitoring currency transactions.

While there are currently laws and policies in place for certain online transactions, specifically online gambling, there are no laws or regulations in place in the United States when it comes to laundering money through microtransactions or in-game currency transactions. It is estimated that cybercrime has inflicted global losses of over one billion dollars. As of December 2018, there were more than 4.1 billion internet users in the world. With what seems like new technological advances developing daily, cybercrimes are becoming more and more common, with little to no policing in place.

Posted on FebruGaming the System: Money Laundering through Microtransactions and In-Game Currencies

World of warcraft in game casinos banned