e-Gold Takes Action To Prevent Online Gambling
In a move which has resulted in compliance with the Unlawful Internet Gambling Enforcement Act of 2006, e-gold has added a software option for all user accounts that will prevent gaming companies from receiving US account holder payments.
The addition seems to make e-gold digital currency safe for all account holders struggling with the interpretation of new US regulations.
e-gold Empowers Online Gambling Sites to Refuse Payments from US Persons
On October 12, 2006, the Safe Ports Act was signed into law in the United States. As a result of the Safe Ports Act and the Unlawful Internet Gambling Enforcement Act of 2006 contained in the Safe Ports Act, the facilitation of many forms of Internet gambling by persons located in the United States has become a proscribed activity. With the objective of preventing the use of e-gold by United States persons for unlawful online gambling, e-gold has deployed a feature whereby any e-gold account holder may configure their e-gold account(s) to block incoming e-gold Spends from accounts controlled by Users residing inside the United States or who are accessing the Internet from within the United States. Online gambling businesses using e-gold are now required to enable this new account attribute.
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POSTED IN: Digital Gold Currency, Online Currency, e-gold
4 opinions for e-Gold Takes Action To Prevent Online Gambling
Steve
Feb 21, 2007 at 6:24 pm
Mark,
This is a good move on the part of e-gold and the ball is now in the hands of the gambling operators. E-gold is doing its best to clean-up and prevent the abuse of great qualities of e-gold.
In my opinion, it would be nice to see e-gold implement a verification process similar to http://www.moneybookers.com and http://www.wmtransfer.com It would be beneficial to e-gold in the long-run if they had a thorough “know your customer” process which moneybookers is well-known for. This verification process would again prevent scammers from using the e-gold system.
I love your blog and subscribe to it.
thanks,
steve
Mark
Feb 21, 2007 at 7:23 pm
Thank you for your comments and yes, I agree.
Its just one of many awesome software additions by e-gold through the years.
That one account function puts the focus on the gaming operation to ‘toggle the account switch’ and stop incoming US account transfers. It would also appear that now the focus, ALL 100% of it, is away from e-gold and any exchange agent. Full compliance with the law.
All this—while still NOT putting out a huge warning and blocking any US accounts, as some other online payment operators have done. Super for e-gold, and a great move for all of us using e-gold.
Now, this does bring up one big question…based on your comment above, is it e-gold’s responsibility to “…implement a verification process similar to http://www.moneybookers.com“???
e-gold does NOT even have a bank account and does not directly transact business with the public. Moneybookers does—and is directly involved with fund transactions. Client’s funding Moneybookers account send the cash to Moneybookers. e-gold is NOT involved with account funding, it is always a third party agent, executing the money transactions, so…..
Is it e-gold’s responsibility or is it the third party exchange agent’s responsibility to KYC and verify? The exchange agent carries out the fiat money (USD) into digital money (e-gold) transaction, they deal directly with clients. Where does this burden rest?
steve
Feb 22, 2007 at 9:23 am
For transparency’s sake, I think e-gold should at least know who their customers are or “who are using their e-gold”. They cannot say that it is the responsibility of the exchanger or the merchant since at the end of the day, we transact in “e-gold” and not in a digital currency owned by the exchanger. E-gold owns the digital currency and therefore, e-gold should know who uses their currency.
It is also important that e-gold peer-to-peer users would know who they are transacting with instead of all these anonymous transactions which only promote scammers to take advantage.
Just my opinions.
online casino
Sep 9, 2007 at 11:43 pm
Well, I don’t know if it existed back then, but know your customer is active now at e-gold (http://www.e-gold.com/letter3.html), there had been a discussion about that in moneyexchangerforum in the past (http://www.moneyexchangerforum.com/index.php?showtopic=1571) which concluded that E-gold is the most relevant and comfort method of payment.
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