[e-gold-list] Re: Gold Age/MSB's

[NUK]

> Paypal was not regulated in 2002, and was outside of any 'framework to
> regulate'. eCurrencies are not considered banks or money tranmitters.
> Nevertheless, things may change, and I don't know the outcome of the
> PayPal lawsuit. They may have settled.

There were several lawsuits and PayPal lost a few of them, then hurried
to settle the rest. It became an issue that PayPal was a public
corporation and they didn't run into big trouble with the SEC and the
media, etc.. They just started getting themselves licensed/registered in
every state.

One thing that muddies the water is that PayPal is no doubt both an
ecurrency and a money-transmitter. Plus, an exchanger to some extent.
They cannot claim to be only an ecurrency as one of the features of
PayPal is the ability to send MONEY to anyone with an email address
regardless of whether you have a PayPal account(the ecurrency) or not.
PayPal also handles money in the acceptance of it and the distribution
of it. Want your PayPal ecurrency "converted" to USD and deposited right
into your bank account? PayPal does that. PP is a tricky example because
they are an ecurrency, an exchanger and a money-transmitter all in one.

e-gold on the other hand is simply an ecurrency itself. They aren't
handling any money or any distribution of money under the name "e-gold."
Third-parties do the exchanging of whatever-to-egold as well as the
conversion of egold into your bank acct, another ecurrency, debit card,
etc. 


NUK

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