In response to Ginko Financial, Linden Labs has released a new policy on in-world banks
I reported earlier that Ginko Financial has stopped all trading and this financial institution basically ripped everyone off. In response to Ginko Financial, Linden Labs has released a new policy on in-world banks. As of January 22, 2008, no interest can be offered on any investment without government registration or institution charter. Linden Labs specifically mentions “the collapse of Ginko Financial in August 2007″. Linden Labs hopes to stabalize the economy with these new rules. Linden Labs will start removing any virtual ATMs.
This is where I have a problem. How will I continue to use SL Exchange if Linden Labs removes all ATMs. I see this more as a means to insure everyone uses the LindeX. See more in my post Linden Labs Cracks Down on Fraud While Lining Their Pockets.
This is very sneaky Linden Labs. While this sounds like a move to protect the community I see it largely as a move to stop other exchanges. Linden Labs covers this question:
“As of today, this policy is generally focused on objects and schemes that involve real-time transfers of L$ and payment of interest or rates of return. Exchanges may or may not do this, so they may or may not be covered.”