By P. Carl Mullan
This publication offers specific case reviews of the 1st advertisement web electronic foreign money platforms built among 1996 and 2004. Transactions accomplished with the hot know-how circumvented all US monetary rules, a gap that transnational criminals exploited. Mullan explains how a whole of businesses, brokers, and contributors grew to become a blind eye to crimes being devoted during this unsupervised surroundings. He then tracks the next adjustments made to US rules that now hinder such unlicensed job, illustrating the significance of supervising items and industries that come up from new disruptive know-how. This booklet distills hundreds and hundreds of hours of interviews with the creators and operators of early electronic foreign money companies to create particular case reviews in their practices.
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Additional info for A History of Digital Currency in the United States: New Technology in an Unregulated Market
Our 2000 restructuring was to ring-fence off the core functions of a monetary authority—issuance and settlement of transfers—from the risky business of exchange. 2000 was also when we went to a Primary Dealer model, for the same reasons all major monetary authorities implement primary dealer models. ] So as a result, e-gold was absolutely immune to risks stemming from non-performance on the part of any customer. It did not extend credit. 9 The e-gold executives believed that “good fences made good neighbors,” and this trust structure provided an additional legal separation of assets.
US banks only hold a tiny percentage of customer deposits while e-gold always held 100 percent of customer bullion. This feature obviously represented a level of security for many e-gold users that surpassed any representation of security they may have previously had for US banks. Dr. C. MULLAN of the precious metal reserves backing customer accounts. On a page, entitled the “Examiner,” daily live reports of precious metal reserves held on behalf of clients were listed. The page was a real-time audit utility containing the total quantity of e-metal versus the total physical precious metal reserves.
Since e-gold operated over the Internet, it was beyond the reach of conventional bank regulations and supervision. E-gold accounts required no Social Security number and no reporting to the Internal Revenue Service. Another notable difference between credit card accounts and e-gold was the single type of e-gold account. Both merchants and individual users had the same kind of e-gold account. There was no difference between a “merchant” account and a “personal” account; there were no additional disclosures or verifications.
A History of Digital Currency in the United States: New Technology in an Unregulated Market by P. Carl Mullan