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Digital Currency Growth

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

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

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.

Suggested Citation

  • P. Carl Mullan, 2014. "Digital Currency Growth," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 5, pages 30-35, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_6
    DOI: 10.1057/9781137382559_6
    as

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