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Tax havens are such old hat...

21
03
09

Tax havens are such old hat...

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I've blogged about the future of money and the possibility of virtualizing most of your monetary transactions before. With the current campaign against tax havens it's perhaps worth pointing this one out:

Online game gets banking licence Entropia has regularly mixed real and virtual finances. Online game Entropia Universe has been granted a licence to be a bank. Issued by the Swedish Financial Supervisory Authority, the licence means the game can be more closely tied to the real world finances of players. [From BBC NEWS | Technology | Online game gets banking licence]

Now the article goes on to say that the Swedish banking authorities will be regulating the system, able to inspect accounts to ensure it's not being used for money laundering and so on. And that accounts in the online system will be covered by the same depositors' insurance as "real world" banks. But with the technology now quite well established there seems no reason why such systems could not run as virtual financial centres without any regulation at all.

Indeed, in researching software for my own mutual partnership banking project I even discovered that there is an open source "central bank" management system out there. I believe these development are inevitable. Governments that seek to prevent them will have to become extremely intrusive into their citizens' affairs. They had better get used to the idea and find different things to tax (like land, that you can't very easily "disappear" into the ether) or risk becoming ever closer to totalitarian.

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