[Note from Matthew Gaylor: I've met Douglas Jackson, who gave up his lucrative medical practice to start e-gold, he's an MD. I've been to their headquarters and I've inspected one of their vaults where the gold is kept (And no I won't tell you where that might be). I use e-gold myself on occasion and it has been very handy from ordering magazine subscriptions http://magazinedepot.com/ to oversea transactions . My e-gold acct# 101893 for those who want to test it out by giving me Gold <grin>.] http://dailynews.yahoo.com/h/nm/20010710/wr/markets_internet_gold_dc_1.html Tech Headlines Tuesday July 10 1:38 PM ET Gold Seeks Role As Currency of E-Commerce By Steve Hays LONDON (Reuters) - World markets need a digital currency that is independent of national economies, and gold is already showing it fits that bill, a dot.com firm based on the Caribbean island of Nevis says. ``In the past there wasn't enough gold to finance wars, but there's more than enough around now to finance commercial transactions,'' Douglas Jackson, president and chief executive of e-gold Ltd, told Reuters on Tuesday. Jackson said the firm turned gold into an online currency and started up its e-gold system (www.e-gold.com) in November, 1996, since when 3.2 million transactions had been conducted via the network. Jackson said each unit of e-gold as a digital currency was backed by an equivalent weight in gold metal held in secure third-party vaults. That meant there was no credit risk or contingent liability in using e-gold for any transactions. A Canadian, for example, can pay a German the correct weight of gold for goods or services as easily as if the price had been quoted in a national currency. INTERNET PENETRATION Most deals had been done by small businesses in the United States, Canada, the UK and Australia that could not afford to wait weeks to receive funds from credit card transactions or were not in the credit card system. ``We've also seen interest from areas where there are weak currencies and good internet penetration, particularly Malaysia and New Zealand,'' he added. BANKS COULD MOBILISE RESERVES Jackson is in London to discuss using e-gold for bullion banks to settle business among themselves. He said a digital currency also offered central banks a way to mobilize their gold reserves. ``The central banks, and the IMF, are sitting there with thousands of tons of gold as a major part of their assets, but they can't be used for capital transactions.'' [...] ************************************************************************** Subscribe to Freematt's Alerts: Pro-Individual Rights Issues Send a blank message to: [EMAIL PROTECTED] with the words subscribe FA on the subject line. List is private and moderated (7-30 messages per week) Matthew Gaylor, (614) 313-5722 ICQ: 106212065 Archived at http://groups.yahoo.com/group/fa/ ************************************************************************** "Evolution beyond the moral and intellectual fraud of politics." You *will* read the entire website *before* contributing! http://groups.yahoo.com/group/American_Liberty/files/al.htm To post, email [EMAIL PROTECTED] or visit site. Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
