E-gold

P. Carl Mullan
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P. Carl Mullan: PDX Currency Corporation

Chapter 4 in The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, 2014, pp 20-29 from Palgrave Macmillan

Abstract: Abstract The e-gold system emerged in 1996. For the first time in modern history, this system, backed by gold, functioned completely independent of conventional banking institutions. The e-gold software guaranteed a secure and efficient method for transmitting value and maintaining records of payment transaction information. Each digital gram of e-gold was backed by one physical gram of pure gold bullion held offline. E-gold transactions were instantaneous, could not be reversed, and cost much less than traditional bank payments. Founders of e-gold sought to create a private gold-based monetary system that included Internet-based transactions which would perform better than national currency. The e-gold system was believed to be operating outside of existing Bank Secrecy Act regulations from 1996 until 2005.

Keywords: National Currency; Mobile Payment; Fractional Reserve; Currency Transaction; Virtual Currency (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38255-9_5

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DOI: 10.1057/9781137382559_5

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