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if anyone knows this please answer!!

i live in europe and game prices have risen to basically double of the 60 dollars you americans pay.
the ps3 is region free on disc based titles but how about if you would buy digital titles from this store.. would it theoretically work even though it is a code that needs to be redeemed?

if so this would allow me to get double the amount of games through the entire generation without increasing my entertainment budget.. :D!