real bank in SL?

[ameliehi]

My team is working on a uni project which is whether a retail bank can offer its service to virtual world, like second life. the idea is the players can get loans, mortgages, deposit with the bank in a secure way. I have a few questions and would appreciate any comments on this idea. (I am new on SL, not very familiar with all the rules)

1. do you think a certified bank could add any value to players in Second Life, would players appreciate it?

2. any issues may arise if a traditional bank enter virtual world? I know once there was Ginko Financial scandal in SL, what happened in the end? is there any real bank running in SL?

Thank you guys

[Syo Emerald]

*sighs* University projects...

You will never find a real bank in Second Life. Why? Just read the ToS (Terms of Service): http://www.lindenlab.com/tos

Especially what point 6.3 has to say: "In adition to the rules set forth in Sections 6.1 and 6.2 above, you agree that you will not: (iii) Operate or profit from a virtual "bank" In Second Life. For more information please see our Banking Policy; 

Running a bank is basically seen as fraud.

[Lindal Kidd]

I must disagree with the lovely Syo.  LL's banking policy prohibits anyone setting up a virtual "bank" or "stock exchange" UNLESS they can prove they are a chartered bank in Real Life.  Yes, a RL bank could set up a "branch" in Second Life.  However, I doubt that any bank would do so.  The amounts of money are small (compared to RL banking,) the bookkeeping requirements would be onerous, and the financial risks are considerable.

There is another policy that banks (and any other real world companies) need to read closely.  According to this policy, people could advertise and sell RL products in SL, but Linden Lab issues strong cautions to buyers about such enterprises.  See:  http://wiki.secondlife.com/wiki/Linden_Lab_Official:Buying_and_selling_real-life_items_in_Second_Life

Real Life companies should also carefully consider the Terms of Service (and so should everyone else!)  Under the ToS, LL has all the rights, the user has none.  Linden Dollars could be eliminated or depreciated at any time without warning by LL, and you agree they aren't really "money."  You give LL pretty much all rights to your intellectual property, and rely on their good nature not to abuse them.  See: http://www.lindenlab.com/tos#tos2  I seriously doubt that a bank would be willing to assume the risks that you and I accept under the ToS.

[BACK Blackburn]

 I am pretty sure federal law would prohibit the banks from getting involved and real sure LL doesn't want them regulating .Thats why LL uses virtural money !