What Would Become Of Your E-gold?

Source: http://www.digitalmoneyworld.com/what-would-become-of-your-e-gold/

As we ponder and wait for the indictment of E-gold to unfold, I begin to wonder what will become of our E-gold accounts which has served us loyally for the past 10 years (at least 5 for me for different online purchases and services)

By and large, most of the exchangers have stopped dealing with E-gold or exchangers that still continues to deal with them charges exorbitant rates on the out exchanging part. As with IceGold, one of the more prominent market exchanger,

Starting from December 14th 2007, no new orders for buying e-gold can be placed at the IceGold website.

Due to the pending adoption of the new version of Estonia’s Anti Money-laundering Law IceGold can no longer complete exchanges once the law will take effect in the first half of January 2008. The new law requires exchangers of alternative payment systems such as IceGold to identify all customers face to face.

To make sure we can complete all pending orders before the law takes effect we can no longer allow new transactions to be registered from now on as the wires might arrive too late for us to complete the exchanges.

Already registered exchanges will be completed if the payment arrives before the law takes effect.

If the battle is lost for E-gold to operate and stand ground, the gold bullion that E-gold stores now at this point would definitely be placed under receivership as of other failed digital currencies (Just look at EMOcorp case). And for that matter, your E-gold would probably take years to liquidate and with much fees being spent on the receivership, you’ll probably get just a small fraction out of what you have still with them.

There hasn’t been any news or update via E-gold’s blog or any other reliable source at this point, and not even with the next hearing date and such. The last news on Omnipay establishing in Africa was a nada too.

I would say, its probably very financial draining for the company just to participate in the legal battle. To make it worse, with E-gold users and merchants adopting the wait and see attitude, there probably would not be many transactions with E-gold, not to mention the increasing number of merchants rejecting them as a payment mode to safeguard their businesses.

The silence is deafening. It would be a real pity if E-gold loses.