It has been revealed that the website Coin Master is owned by a group of gamers who are thought to be worth $40 million each. Is buying FIFA coins from them illegal? This article will reveal if it is or not.
The website Coin Master allows its users to purchase virtual items such as soccer balls, lollipops, bottles of soda and passes for popular online games such as Call of Duty and Team fortress. These virtual items can then be exchanged for cash through the site’s auction system. But one thing the website does not tell its users is that when they purchase these items they buy them with real cash. The question arises: Is it legal to buy these video games with virtual money?
The answer depends on how you define “buying”. The website advertises the fact that it is not “selling” but instead, “buying” FIFO passes that come with a price. The use of the word “selling” is not allowed as this is considered a grey area when it comes to the law. Is buying FIFA coins from Coin Master illegal?
The popularity of the site has seen many people trying to get hold of FIFO passes and using them to earn cash. Is this legal? The answer is yes. Many countries have similar sales tax laws that allow individuals to exchange virtual currency for goods in their country without paying any tax or revenue on the exchange. So long as you are exchanging something that is legal in your own country then you are perfectly within your rights to do so. The use of FIFO cards to acquire virtual cash for video games is therefore perfectly acceptable.
However, being able to exchange coins for FIFO points is not the only activity done on Coin Master. You can also purchase packs of coins with FIFO points and then turn around and sell those points for actual money. This is a very popular method used by many people. What’s more, there is no inventory on the site. Once you have acquired a large number of coins and you are ready to turn around and sell them for cash, you will be faced with another problem. Since there is no way to keep track of which packs you have successfully sold, you will have to rely on the guarantee that the site provides – they will give you a proof if your pack sells.
Is it legal to use virtual money to purchase virtual goods? Most online sites that allow you to purchase virtual items such as FIFO passes and tickets are well regulated. If you have never purchased virtual money from an Internet site before you should check out some of the more reputable sellers first, before moving on to the cheaper, possibly illegitimate, sites.
Many people wonder if using your credit card to make purchases at Coin Master will violate anti-money laundering laws. The answer is that it is unlikely that such laws would apply since the site itself does not accept money orders. What it will most likely do is simply to inform you that any orders for which you have not received payment for will be held in an area separate from the general funds of the site. They may not issue you a refund, however.
So why would anyone want to sell coins on a website? A lot of people do this for one simple reason. They love to collect coins and to spend their free time doing what they love – enjoying the process. While it is perfectly fine to spend time shopping for coins online, when you get to the point where you want to actually spend money and you can’t find anyplace to buy them, you will probably be tempted to look into selling some. It is easy, it is convenient and it allows you to get a good return on your investment. And that’s the idea.