Second Lifer Anshe Chung (aka Ailin Graef), the game's self-described first millionaire, just landed the right to lend money and collect interest in the virtual world of Entropia Universe.

Chung paid PED600,000 or $60,000 for the right to loan shark in the game. Entropia auctioned off six of the "banking licenses" in world. The lowest bid was PED590,608 and the highest was PED999,000.

The other licensees include John Jacobs, who last made the virtual news when he bought an Entropia space station for $100,000, a purchase that happened to coincide with him becoming a spokesperson for the game.

3PointD has the details on how the licenses work:

The licenses promise two years of exclusivity for the five virtual bankers. The licenses continue after that period, but more may be issued once the two years is up. Winners also get the right to help design the building they will do their business out of, on which they will also have to pay an unspecified rent.

To insure everything stays on the up and up, Entropia will force loans to be made through non-player characters that will "work" in the bank buildings. Bank owners will be able to have live staff on hand to help customers through the process, but the loans themselves must be made via the NPC.

A reserve of PED1 million (US$100,000) must be put up by each license winner within 20 days, according to Entropia. It doesn't say whether this must be maintained intact or can be used for the business of banking, however. Bankers will also be forced to pay "a 5% percentage of all interests charged" to MindArk, the company behind Entropia.

Sounds like a license to print virtual money. Brian Crecente

Anshe Chung Wins Entropia Banking License [3PointD]

The Second Life real estate mogul is expected to give a press conference (in-game, of course *sigh*) tomorrow morning to announce the milestone, something Fortune's law blogger sees fit to report.

Why does he consider it a big deal? Oh, it's very dry stuff really, but there are legal issues to be weighed with virtual real estate, taxing of said e-property, and the legal ramifications of Linden Labs' responsibility should Second Life citizens see their in-game assets destroyed. I find it significant as it's the first Second Life story not involving furry sexplay to pique my interest.

Thanks for the tip, Jordan. Michael McWhertor

Anshe Chung: First Virtual Millionaire