E-gold
e-gold is a now defunct gold digital currencies operated by Gold & Silver Reserve Inc. under e-gold Ltd. that allowed the instant transfer of gold ownership between 1996 and 2009, when transfers were suspended due to legal issues. e-gold Ltd. was incorporated in Nevis, Saint Kitts and Nevis with operations conducted out of Florida, USA.
History
e-gold was founded in 1996 by Dr. Douglas Jackson and Barry K. Downey. The number of e-gold accounts (as claimed by e-gold) grew from 1 million in November 2003 to 3 million on 22 April 2006. In 2008, the company reported more than 5 million accounts
The United States Treasury issued a report on January 11, 2006 titled U.S. Money Laundering Threat Assessment[1] which G&SR believed was evidence favorable to its legal case as explained in its January 20, 2006 Letter,[2] apparently confirming that e-gold accounts were excluded from the definition of "currency" under the United States Congress and Code of Federal Regulations definitions.
In 2007 the US Federal government accused e-gold of money laundering and other crimes and closed down several exchanges. E-gold began to cooperate with prosecutors to monitor transactions, despite this, e-gold itself was then indicted and forced to block all accounts and transfers.
See Also
External Links
- ↑ U.S. Treasury Report on January 11, 2006, U.S. Money Laundering Threat Assessment, U.S. Treasury
- ↑ January 20, 2006 Letter, e-gold welcomes US Government review of its status as a privately issued currency, e-gold blog via Wayback Machine