By P. Carl Mullan

This ebook offers distinct case reviews of the 1st advertisement web electronic foreign money structures constructed among 1996 and 2004. Transactions accomplished with the hot expertise circumvented all US monetary rules, a gap that transnational criminals exploited. Mullan explains how a complete of businesses, brokers, and individuals became a blind eye to crimes being devoted during this unsupervised surroundings. He then tracks the following alterations 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 e-book distills 1000s of hours of interviews with the creators and operators of early electronic forex companies to create specific case reports in their practices.

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Business merchant accounts require additional information, verification, and paperwork. This verification of clients was not the case with e-gold. C. MULLAN e-gold account for personal use or under the name of a company or business entity. The procedure for opening each account was identical. History proves that new disruptive technology often exploits the gaps in existing financial regulations. From 1996 until mid-2006, the existing US financial regulations governing money service businesses and the state laws covering money transmitters were unclear and did not precisely define the regulatory status of new digital currency products such as e-gold.

This process was very different from an average bank payment. Each new e-gold online transaction required owner approval for a spend at the time of the payment. This requirement established an important distinction between e-gold payment orders and regular bank payments. When compared to e-gold, credit card payments, bank wires, and personal checks, all used very different procedures for the transfer and clearing of funds. Consumers adopted credit cards in the 1950s, and the card’s design had not changed much since that time.

In both cases, US persons had been fined for alleged violation of the prohibitions in Iranian Transaction Regulations. Both individuals were engaged in buying e-gold digital gold currency from a popular exchange agent located in Kish Island, Iran. The global nature of the Internet brings foreign companies and contacts into every American home. It is rare that a consumer would ever verify the identity or physical location of an online order with a well-known digital currency company. Furthermore, from the consumer’s point of view, this type of investigation may not be regarded as the consumer’s responsibility.

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