Article: US v2 loads up JP v2 files to convert with no problem.

[Castelak]

gundamw87 writes, "It seems if you try and load a JP v2 file on US v2 it will work! So, if you feel like buying (or bought) US v2 for some reason ypou dont have to start over ^_^"
Hmm interesting! Rumor is that USv2 has support against all cheat devices known, unlike the JP version that only has protection against gameshark... ^_^;

[rbf2000]

You say that US v2 blocks all cheat devices, and it may well infact do that. But it does not stop people who already have jp v2 and us v2. They are able to just cheat, and then use us v2 to get online w/ the hacked stuff.
Also, I heard that if cheat devices are banned, then it would only take 2 more lines of in the enable code to get around it. :/

[BobJones]

That's a pretty cool thing ^_^
~Bob

[Tsukishima-Ruriko]

No, Xploder/Code Breaker is NOT disabled from the US version.
Looks like the flea circus continues once again.

[Whatley]

This is good to know. I was going to get the US PSOv2 just to have it, but now I can actually use it. Yay, no more swapping discs.

I dunno, I've been watching the CMGSCCC boards. Their current method that's supposedly "unbreakable" and makes it so cheaters can't be banned is simple for Sega to break; I won't go into technical details, but since their code d/c's from the server if it thinks it would be detected, all Sega has to do is use random checksums and they'll DC every time they connect. Sure, they won't be BANNED, but who really cares? They're effectively banned anyway

UPDATE:
I just recieved information that you can ONLY convert if you have NOT taken that character online

I just heard that you can use a jp character that you have gone online with only if you are banned.Apparently when you get banned it deletes your record of going online and therefore it thinks you havent gone online.I got this from the cheaters forum so im not sure.