E-gold

P. Carl Mullan
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P. Carl Mullan: Digital Currency Intelligence Authority Ltd.

Chapter Chapter 2 in A History of Digital Currency in the United States, 2016, pp 19-86 from Palgrave Macmillan

Abstract: Abstract The e-gold platform was launched in 1996. No widely accepted commercial online payment system had ever existed before e-gold. It was the first consumer payment software platform that permitted users to execute complicated global financial transactions outside of the regulated banking system. E-gold was also the world’s first secure account-based monetary payment system that enabled the use of gold and other precious metal as currency. The judge’s opinion during the e-gold case changed the entire digital currency industry. Research shows that high-yield investment program (HYIP) Ponzi schemes were a substantial driver of e-gold’s business. Ponzi scams were a significant part of the marketplace for all digital currency companies that did not require user identification or have functional know your customer (KYC) rules.

Keywords: FinCEN; E-gold; Douglas Jackson; Judge Rosemary Collyer; HYIP; Ponzi; Asset seizure; OmniPay; Asset forfeiture; Digital gold currency; E-gold transactions (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:paiecp:978-1-137-56870-0_2

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DOI: 10.1057/978-1-137-56870-0_2

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