Before Bitcoin there was E-Gold. Ideology of E-Gold was a private, international currency that would circulate independent of government controls, and stand impervious to the market's highs and lows.Founded in 1996, E-gold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) under e-gold Ltd. that allowed users anonymously to open an account on their web site denominated in grams of gold (or other precious metals) and the ability to make instant transfers of value ("spends") to other e-gold accounts. At its peak, the company held 3.8 metric tons of gold, valued at more than $85 million. Customer base was 3.5 million in 165 countries, with 1,000 new accounts opening every day. E-Gold at this time was second only to PayPal in the online payment industry.The U.S. government charged E-Gold with being an unlicensed money transmitter in 2007 and the project's directors pleaded guilty in 2008.Allegedly U.S. government suppressed crucial evidence in a 2008 landmark case that has since shaped the cryptocurrency industry.Many crypto businesses subsequently have had to be regulated as money transmitters in individual states if they want to operate legally.
Submitted July 07, 2020 at 01:27AM
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