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Hello Partners,

Here is an informative exchange from a forum with names removed of the posters... We thought this would help all understand the structure of UGC. This is not from an attorney or a legal posting about UGC… It is just information…

Question regarding the UGC System:

1. UGC is an exchanger and a debit card??

2. Will there be daily load limits that the exchanger will be able to handle; like

200k; 1million etc, in a single transaction?

3. With your debit card, as I read prior it was tied to Master card; how are you

overcoming the $7500 to 10k per day limit visa puts on all its cards and those

of affiliates?

4. UGC's transfer ability must have a banking connection; what bank is backing

the transaction and what is the total daily guarantee of loss the bank has in

its charter, or is insured for,(ie: like in the US FDIC)?

5. Sending money to UGC must cost something, what are the incoming wire

fees; and are the charges Boxcars posted the only ones UGC currently has in

effect?



Best regards;



You raise some very good questions and I shall add my perspective to that of (name removed).



1. UGC is not an exchanger. An exchanger buys and sells bullion and other asset based digital currencies, providing an exchange service for a local fiat currency. UGC is also not a money remitter. Money remitters like Western Union and PayPal must register in most States and have their books open to audit. As UGC is a digital currency and a US landmark appellate court decision (one of the e-gold court battles) has ruled digital currencies are not fiat currency, UGC is technically not required to register in any state, as it is not remitting fiat currency. (As UGC is not a fiat currency, there is a good legal case for US citizens not being required to file a form with the IRS stating you have a foreign bank account with so much money in it-- I forget the form number) Despite that ruling, one of the civil charges The Bullion Exchange has been facing is that they were running as an unregistered money remitter. As UGC has no offices, support staff or servers in the US, this is probably a moot point, but just to be on the safe side, our independent agent in the US, who really isn't a UGC agent at all because they have a contract with Philippine based Call Com, Inc. to provide local services, will probably get a money remitter license in the state where they operate, just to be on the safe side. Yes, this legal chain of corporate structures will take platoons of lawyers, even government lawyers, a thousand years to penetrate. By the time they get to Panama and UGC, unless child pornography, money laundering, terrorist financing or massive financial fraud is involved, the Panamanian courts will tell them to get stuffed.) And there is another added layer of legal protection-- all legal of course-- where there is another corporation between Philippine based Call Com, Inc and UGC. As an aside to the money remitter business, Canada currently has no regulations requiring them to register and there is no financial oversight in this area, which may explain why there are so many remitters there, including Alertpay, Safepay and STP. UGC in Panama is not required to obtain a license either, as UGC is doing business 'offshore', though we voluntarily may get a Panamanian license of some sort nonetheless-- it’s not too hard to get and it would look good hanging on the wall. So what is UGC? It is a global payment portal, which will quickly be able to move funds around the world with a variety of funding and withdrawal options. While UGC verifies individual's identification documents and confirms their identity in compliance with international anti-money laundering and anti-terrorist funding initiatives, this information is kept secure and your privacy is guaranteed by Panamanian law. Under Panamanian law, it is a criminal offense to divulge client information in regard to financial affairs. The international anonymous debit card is but one method that UGC has made available to clients- not all will avail themselves or even find the need to use one.



2. Again, UGC is not an exchanger. I gather when you say limits, that you do not mean debit card limits, but limits on adding or withdrawing funds from your UGC account. There are no limits. However, if you intend on depositing above average amounts, then you should contact the company and advise what you intend to do. Our Panama bank is HSBC, but they do not like surprises. If there is an above average deposit, or unusual account activity, they will want to know why. So before you send UGC your bank wire for $1 million, let us know in advance. UGC will also maintain a 100% legal reserve of all funds on deposit, as opposed to the 2%-10% US banks typically carry. Customer funds will never be 'borrowed', invested, misappropriated, loaned out or used for any other purpose. We will have on deposit 100% of your funds a 100% of the time and prove it. This is something that all directors, and our contracted Financial advisor the Jedburgh Group agree on-- customer funds will always be on deposit and under absolutely no circumstances will they to be used for something else. There will never even be the temptation to 'borrow' customer funds, intending to pay it back later of course, because the company will have its customer account at HSBC audited by an outside firm at least twice a year. These results will be publicly posted and people will be free to contact the firm that did the audit for verification purposes. In addition we have a new web site reporting system in the works. This programming system is automated and will have no way to adjust the numbers or to be changed. You will see a statement from an attorney and other tech specialists to attest this system is the dollar numbers in real time in the accounts of members, and money deposited in our banking networks. What this means to you is your money is on hand 100% always. Panamanian law does not require that we do this, but we are setting a new standard of accountability in this industry. When you want to withdraw your $1 million it will be there.



3. The anonymous debit card is STAR and PLUS *****ed and is not affiliated with MasterCard. The STAR ***** is owned by visa. We have not been advised yet of the coming MasterCard parameters, including daily limits.



4. UGC is a Panamanian corporation and its main corporate account is with HSBC of Panama. This is a top tier international bank and the reputation of the name speaks for itself. Again, this is highly unlikely that a legal action against a UGC client would get very far in the Panamanian legal system, but in the extremely remote chance that it does, having a segregated account will prevent the entire account from being frozen-- only the bad ***** account. These sub-accounts are programmed by UGC into the system. As HSBC does not issue offshore cards directly from panama, and nor does any other bank in panama, they get another bank to actually service the platform. At this time, we don't know the exact name of the bank which we will use for the card, though we expect to know it shortly. The actual bank that services the card will not know the identity of the customer, as they have contracted with a Panamanian corporation and not the individual customers that UGC carries accounts for. As far as the bank's stability or the guarantee of funds on deposit, I defer to the j group's expertise. Any bank they select is not going to have any problems. The j group not only consults with banks in an advisory capacity, they have served as a consultant to sovereign nations in regard to their banking system as well. They recently helped a small nation draft its banking legislation and then helped them with their due diligence in checking the backgrounds of groups that wanted to start up a bank in that jurisdiction.



5. (Name Removed) has explained the fees. Our fees are very reasonable and when you combine that with the legal protection and compliance with the law that we offer, I believe that certainly gives us an edge over the competition. Sorry, but all this got longer than I intended and I hope it wasn't too soporific. all the best,



(Named Removed)

1. UGC is NOT an exchanger.. we do not exchange UGC for any other currency.. we do though allow FUNDING of the account by e-bullion (no e-gold) and that may change if e-bullion does become unstable. UGC has its own debit card. That means when you purchase a UGC debit card, you may load it with UGC currency and use it at an ATM (or POS in USA only). It is anonymous and is issued with a bank. We do not know which bank yet --will know shortly.



2. This is not a MasterCard/VISA. This is called the Silver UGC Debit Card. We will have a MC/VISA shortly also with higher limits being called the Gold UGC debit card. The Silver Card loading limits are

Maximum card balance: $50,000

Maximum per load: $10,000

ATM daily pulls: $3,000



There is no limit to the max on how much you can have in UGC itself.. your account is an actual sub-account in the HSBC bank of Panama. No one can touch it, even if the main account were affected in some way by "anything".



3. As you can note above there are these limits. This is not a MC/VISA but a plus-star ATM card (with POS in USA only). We eventually will have our own bank--I know everyone says this but we do have the wherewithal with the j-group at the helm.



4. The HSBC bank is our bank in Panama.. but as to the ACH transfer system we are using.. it is not for public knowledge for various reasons that we do not want to make it known. It is a well-known bank though!!! VERY.



5. Of course there are fees for using UGC! How would we make money to support the staff and shareholders? You can view all the fees on the website under the tab on home page for fees. They are quite self-explanatory.



PS.. (name removed) .. there is no patent on this anonymous card---it is not MC/VISA at this time.. but is issued by a bank (we need to clarify with the JedburghGroup which bank but he negotiated the deal for us in record time). I do not think you need patents on MC/VISA either unless it is something like your deal and something proprietary in development. Most big players can get a MC/VISA if they have the right banking connections and j-group does. We will have one shortly and it will be our "gold" card costing more and having higher limits from what I understand.

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