2 parents have answered
Yes! Why not! Prior to discovering online games, my step son would waste money on bits of tat like mini figures that go missing or end up under the bed. I would rather him spend his pocket money on something that he can revisit!
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Why not? Any spending by children should be monitored, so as long as the parent or guardian is aware how much they are spending and with whom, and is happy with that, then where they spend it isn't really relevant. The only thing I would question is whether they'll actually equate money in a piggy bank with money spent online (does it seem as real?). A way around that could be ensuring that if something is purchased on a parent's credit or debit card, the child knows that means they have to hand over real money to pay for that transaction.