Sunday, 9 February 2014

"We Agree with Most of the Warnings by Central Banks"

Interview With Our Next Guest Speaker, Vytautas Karalevičius From Spectrocoin, Lithuania

What is Spectrocoin?

Spectrocoin is a virtual currency services provider. Currently we provide solely Bitcoin exchange services for all EU citizens. This month we are launching aBitcoin wallet solution and soon we will offer API and tailored made merchant solutions as well as a wide spectrum of deposit and withdraw options including cash deposits, prepaid debit cards as withdrawal option and more.

How does it work? Can I trade Bitcoins on from Germany?

Currently we operate a decentralised exchange service, however the key difference from the rest of the market is that we provide liquidity. So we can a provide quality service with nearly no frictions, neither in time or order size. We will launch a wallet solution this month, so our model will move to a more centralised solution. Yes, you can trade Bitcoins on from Germany. Currently you can deposit money via SEPA or local bank transfer and soon you will be able to use e-banking solutions from most of the German banks. The same will happen soon for withdrawal options.

How come you are not listed on

We are not a market place, we take the role of a private banker in the virtual currencies field. Also we do not promote speculative actions in virtual currencies, instead we focus on providing services for people and businesses who are getting value by using bitcoin in their daily businesses and other activities, while speculators are not our target market.

Where is the Bitcoin community in eastern Europe standing today?

As in most of the world, it still has not attracted enough competence and financial knowledge, it is still more a geek thing. So most of Bitcoin adoption is among technology people and some companies who are trying to use it as a marketing tool. I would not say that there is a formal Bitcoin community in eastern Europe. Most of the people in the community know each other from other communities of internet-based businesses.

How did you take up the recent warning of the russian central bank against the usage of bitcoin? Do you think this may have implications for the legal situation in Europe?

We agree with most of the warnings by central banks published in the last couple of months. People have to be aware about the risks associated with the current speculative behaviour of Bitcoin and the risks arising to be involved in money laundering cases. I think it will push governments to introduce regulation for virtual currencies. These warnings are a reaction to the deeds of incompetent people who were attracted to the Bitcoin market for a short-term profit, by trying to speculate and to sell virtual currencies to people who do not need them and do not understand them. These people who ignore money laundering laws on purpose or because of their incompetence are destroying the reputation of Bitcoin the industry and they will cause the adequate reactions from the regulators.

Are you working on further projects or services?

Yes, we will be now launching a wallet solution. We will also launch a multi-language interface, and more options for deposits and withdrawals options will follow soon.

The interview was conducted by Levin Keller

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