Download A History of Digital Currency in the United States: New by P. Carl Mullan PDF

By P. Carl Mullan

ISBN-10: 1137568690

ISBN-13: 9781137568694

This ebook offers special case experiences of the 1st advertisement net electronic forex platforms constructed among 1996 and 2004. Transactions accomplished with the hot know-how circumvented all US monetary rules, a gap that transnational criminals exploited. Mullan explains how a complete of businesses, brokers, and contributors grew to become a blind eye to crimes being dedicated during this unsupervised atmosphere. He then tracks the next alterations made to US laws that now hinder such unlicensed task, illustrating the significance of supervising items and industries that come up from new disruptive know-how. This e-book distills hundreds of thousands of hours of interviews with the creators and operators of early electronic foreign money companies to create special case experiences in their practices.

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Extra info for A History of Digital Currency in the United States: New Technology in an Unregulated Market

Sample text

A July 11, 2008, document published by the OFAC of the US Department of the Treasury became available online. The paper listed enforcement information on two cases from June and August 2006. 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.

James Turk commented in his early writings how prohibitive a task it would be for any single person or company to construct such a global financial system. Douglas Jackson noted that “such as task required large-scale computational capacity, data storage and secure global means of communication,” the costs of which were prohibitive for any party other than national governments. Furthermore, the global risks and costs associated with accepting credit cards were extremely high and horribly insecure.

On several occasions, he indicated that severing that “Gordian knot” and distancing his new system from past monetary mistakes had become the goal and mission of his work. Mr. Jackson even said that he regarded this new mission, of creating an improved private financial solution, as his duty. During the decade from 1996 through 2006, Douglas Jackson and James Turk had both explained how the Internet facilitated the creation of a global private digital currency solution. Before the commercial internet, no private individual or corporation with limited means could have established a boundless secure electronic network.

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