By P. Carl Mullan
This e-book offers particular case reports of the 1st advertisement net electronic foreign money platforms constructed among 1996 and 2004. Transactions accomplished with the recent know-how circumvented all US monetary laws, a gap that transnational criminals exploited. Mullan explains how a complete of businesses, brokers, and contributors became a blind eye to crimes being dedicated during this unsupervised setting. He then tracks the following adjustments made to US rules that now hinder such unlicensed task, illustrating the significance of supervising items and industries that come up from new disruptive know-how. This publication distills 1000s of hours of interviews with the creators and operators of early electronic forex companies to create precise case stories in their practices.
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Additional resources for A History of Digital Currency in the United States: New Technology in an Unregulated Market
G&SR had previously proposed to the Government that e-gold be classified for regulatory purposes as a currency, enabling G&SR to register as a currency exchange. In a Treasury report released January 11, 2006, however, the Department of Treasury reaffirmed their interpretation of the USC and CFR definitions of currency as excluding e-gold. The Treasury issued a report on January 11, 2006, confirming that E-gold accounts were excluded from the definition of “currency” under the United States Congress and Code of Federal Regulations definitions.
Of course, there was no investment operation, only the Ponzi. Zidar, who was a former custodian at a steakhouse in Florida, also ran World Diversified International, which acted as an umbrella organization overseeing the services and cash flow of the other companies and “private investment” offerings. 18 These fraudulent investment schemes were nothing more than dressedup Ponzi scams. Here is a description from the indictment of Zidar and five others. The essence of this scheme and artifice to defraud was to solicit investments from individuals and organizations by falsely promising investors that they could earn substantial profits on their investments in the “private economic arena” with virtually no risk.
The rule is in place to combat money laundering and prevent the illegal use of a financial account. International financial transfers using e-gold were much cheaper, settled instantly and could occur E-GOLD 29 anytime. Digital gold currency opened up a new world of opportunity for anyone or any company involved in a cross-border trade or international financial settlements. The e-gold system removed any need for currency conversion during cross-border transactions. This system also eliminated the burden caused by delays in cleared funds moving through a financial payment.
A History of Digital Currency in the United States: New Technology in an Unregulated Market by P. Carl Mullan