Digital Currency Growth

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

Chapter 5 in The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, 2014, pp 30-35 from Palgrave Macmillan

Abstract: Abstract HYIP Ponzi schemes helped build the digital currency industry. E-gold and other online methods of payment became popular with HYIP schemes. Many factors, such as the growth of independent exchange agents, helped to boost the usage and popularity of e-gold and digital currency. This new disruptive technology tended to exploit potential gaps in the US financial regulatory structure. In 2005, the US government started prosecuting many digital currency companies in the United States including e-gold. The application of FinCEN regulations was addressed during these prosecutions. This had a negative impact on digital gold currency in America.

Keywords: Payment Method; Debit Card; Online Method; Legal Tender; Disruptive Technology (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_6

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DOI: 10.1057/9781137382559_6

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