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The Almighty Buck

Submission + - E-Gold Taken Down by Feds for Money Laundering

Submitted by loqi
loqi writes: Citing child pornographers and online scammers as the beneficiaries of an effectively anonymous payment system, the U.S. Department of Justice has filed charges of conspiracy and money laundering against the online payment system E-Gold. With advances in cryptographic techniques like Brands credentials and transparent servers, will money laundering laws continue to be enforceable?
Privacy

Submission + - E-Gold Indicted for Money Laundering.

Submitted by Anonymous Coward
An anonymous reader writes: A U.S. Department of Justice propag^h^h^h^h press release has announced the unsealing of an indictment charging E-Gold Ltd., Gold & Silver Reserve, Inc., and their owners each with conspiracy to launder monetary instruments, conspiracy to operate an unlicensed money transmitting business, operating an unlicensed money transmitting business, and money transmission without a license under US Federal law. This comes despite repeated attempts by e-gold to be classified for regulatory purposes as a currency, enabling G&SR to register as a currency exchange, and the Department of Treasury reaffirming their interpretation of the USC and CFR definitions of currency as excluding e-gold.
 
Since the US government is answering e-gold's attempts to be transparent with a heavy handed enforcement action, while ignoring massive customer complaints against companies like PayPal, one must wonder: Is this the first step in an effort to destroy any open currency backed by gold, not controlled by a nation state, or not linked to the US Dollar?

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