The new face of e-gold

As controversial as it may seem, but e-gold still strive to become the best e-currency again, by folowing the US regulations now. But there are some information i would like to pass on, there are some hints published by the founder of e-gold, Mr. Douglas Jackson, such as e-gold and the exchange service provider, would e-gold be exchangeable with other e-currencies, what about the “get paid stay paid” slogan, kind of e-gold account introduced to clients, and as many informations we could pass on.

Any restrictions to e-gold exchanger service?
As exchanging e-currencies related with the local business counterpart, e-gold could not restrict the process of the service. Since the US Gov restrict some basic rules that e-currencies should not be used related a criminal actions, or the cause of transactions was based on some criminal actions. Because of these reasons, e-gold giving some draft to e-curency exchangers to minimize risk of e-gold being used as a criminal means of transactions.

e-gold Policy regarding Exchange Services

e-gold Ltd., the Issuer of the e-gold family of e-metals, does not provide exchange services. The e-gold community of Users has always relied upon independent providers of exchange who offer their services on a competitive basis. Prior to October 2008, e-gold did not undertake to regulate exchange services other than to exercise its Right of Association to block the e-gold accounts of entities suspected of fraud, money laundering or other criminal abuse.

As of October 2008 this policy is changed. e-gold now requires the following of any institution or business [bank, MSB, exchange service or other financial institution] offering exchange between e-gold and other media (national currencies or privately issued liabilities):

Exchange services offering service to US-based customers must:
register with FinCEN as a financial institution, and,restrict service, offering exchange only to customers in states where the service is licensed or where the state has issued a written determination to that service indicating that a license is not required.

Exchange services that do not serve US customers must:

• activate and maintain the “exclude-US” feature on any e-gold accounts used for provision of exchange services,obtain registration and relevant licensing in the jurisdiction they conduct business in.
• In addition, e-gold Ltd. will conduct Enhanced Due Diligence (EDD) on all exchange services providing exchanges involving e-gold.
• The specific requirements of this EDD may be amended from time to time at the discretion of e-gold Ltd. or to comply with externally imposed regulatory requirements.

As of October 2008, exchange services should provide:

• Articles of Incorporation.
• Company organizational structure.
• Certificate of Good Standing.
• Proof of FinCEN registration (US Companies).
• Proof of license for states requiring licensure.
• Financial statements.
• Geographic areas served.
• Names of company principals.
• List of principal´s ownership in any other company.
• Signed and notarized copy of principal´s passport or drivers license.
• Notarized copy of a utility bill showing principal´s home address.

signed and notarized agreement listing:

1. The names and relevant addresses, telephone numbers, e-mail addresses and e-gold account numbers of the principal owners,
2. URL of Web site offering prospective exchange services along with e-gold account numbers that will be used.
3. Signed copy of the current G&SR/OmniPay User Agreement.Signed copy of the current e-gold User Agreement.

A competitive market for exchange continues to be a vital element supporting the emergence and usefulness of e-gold. Balanced against this need for innovation and competition, however, is the necessity of risk-based measures to combat money laundering or terrorist finance. Accordingly, it shall also be the policy of e-gold to monitor e-gold transactions in order to detect exchange services that have not complied with e-gold´s policy. Upon detection of a business offering exchange that has not complied with this policy, e-gold reserves the right to take measures it deems necessary to assure compliance.

(This is a draft document subject to change.)

How bout the “GET PAID STAY PAID” Slogan?
Yes, but e-gold had the right to freeze an account if the account was somehow connected to criminal activities, stated by e-gold’s investigators

Somehow we should se the “resurection” of e-gold. They were once the most favourable currency, and they could be one tomorow.