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E-gold

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

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.

Suggested Citation

  • P. Carl Mullan, 2014. "E-gold," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 4, pages 20-29, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_5
    DOI: 10.1057/9781137382559_5
    as

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