E-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and is a system which allows the instant transfer of gold ownership between users. e-gold Ltd. is incorporated in Nevis, Lesser Antilles.
According to the company's website, as of April 2007, e-gold had 112,188 oz (3,492.0 kilograms) of gold and 138,567 oz (4,313.1 kg) of silver in storage, which is worth approximately US$86 million. There are typically 66,000 e-gold spends each day totalling 15,000 oz (470 kg), which is about US$10.5 million. There are over three million e-gold accounts of which about one quarter are active.
On 27 April 2007, a federal grand jury in Washington, D.C. indicted e-gold Ltd and its owners on charges of money laundering, conspiracy, and operating an unlicensed money transmitting business. e-gold, however, claims that the charges are groundless, and has responded to the allegations.
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