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GoldMoney

In: A History of Digital Currency in the United States

Author

Listed:
  • P. Carl Mullan

    (Digital Currency Intelligence Authority Ltd.)

Abstract

Former bankers and financial executives created GoldMoney digital gold currency. These principals recognized the need for regulatory structure and supervision. GoldMoney operated using strict Know Your Customer (KYC) rules and Anti-Money Laundering (AML) regulations. Customer identification was paramount for any new account. Because of this guarded operation, GoldMoney was not exploited by bad actors. The company never had any problems with HYIP Ponzi schemes or Internet criminal activity. During the first decade of digital currency growth, GoldMoney was the exception to the rule. Requiring customer identification was the primary difference that allowed GoldMoney to continue operating without any legal issues. While new 2011 FinCEN regulations caused the company to drop the payments side of business, GoldMoney is still in operation in 2016.

Suggested Citation

  • P. Carl Mullan, 2016. "GoldMoney," Palgrave Advances in Economics of Innovation and Technology, in: A History of Digital Currency in the United States, chapter 0, pages 229-243, Palgrave Macmillan.
    • Handle: RePEc:pal:paiecp:978-1-137-56870-0_9
    DOI: 10.1057/978-1-137-56870-0_9
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