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A History of Digital Currency in the United StatesE-gold

A History of Digital Currency in the United States: E-gold [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.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

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Publisher
Palgrave Macmillan US
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016
ISBN
978-1-137-56869-4
Pages
19 –86
DOI
10.1057/978-1-137-56870-0_2
Publisher site
See Chapter on Publisher Site

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.]

Published: Nov 17, 2016

Keywords: FinCEN; E-gold; Douglas Jackson; Judge Rosemary Collyer; HYIP; Ponzi; Asset seizure; OmniPay; Asset forfeiture; Digital gold currency; E-gold transactions

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