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Definition Edit

E-gold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) under E-gold Ltd.[1] It allowed users 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 to other E-gold accounts. The company was founded in 1996 and had grown to five million accounts by 2009, when transfers were suspended due to legal issues.

At its peak in 2006, E-gold was processing more than US$2 billion worth of precious metals transactions per year, on a monetary base of only USD $71 million worth of gold (~3.5 metric tonnes), indicating a high monetary turnover (velocity) of about 28 times per year.

References Edit

  1. E-gold Ltd. was incorporated in Nevis, Saint Kitts and Nevis with operations conducted out of Florida, USA.

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