Prime Edition

It is impossible to launder money with Bitcoins: Nilam Doctor
ABHIMANYU SINGH  New Delhi | 4th Jan 2014

Bitcoin

ilam Doctor, the founder of Rbitco.in, whose Ahmedabad office was raided by the Enforcement Directorate last week, spoke to Abhimanyu Singh over email. ED says that Nilam Doctor is absconding.

Q. What do you have to say about the raid conducted by the ED on your company Rbitco.in? The ED suspects money laundering.

A. RBI-ED was inquiring about money laundering through Bitcoins. But if you know "Bitcoin", it is a protocol, a platform and a unit of exchange; it is transparent, available for every one to check on blockchain.info. So, it is impossible to do money laundering with Bitcoins. Money laundering can be done with CASH only.

Q. The RBI has issued an advisory cautioning people to desist from dealing in virtual currencies. Your take on that?

A. RBI issued a caution to every citizen of India. We acknowledge this as a very positive move by RBI and want users to follow it. If users need guidance over and above RBI guidelines they are available all across the net. Bitcoin is like TCP/IP and VOIP. When they were introduced in India, they were considered illegal and harming the nation, but today we cannot live without the internet and phones. We also need better guidelines from RBI for not only Bitcoin but each and every virtual currency. I am sure RBI will come positively in this regard. Even when the rest of the world is not ready to accept Bitcoin, RBI will surely make a big impact and India, will come and grow up to a new economy in future. I would also suggest RBI to issue a guideline to all current and future users of Bitcoin, not to buy/sell Bitcoin from any foreign Bitcoin exchange. By doing so, we are violating the gold standard issued by RBI. We should always respect Indian governance.

Q. The ED also says you are currently "absconding." How would you react to that?

A. I was aware about Bitcoin in January 2013. I went to the US Conference in May 2013. I was earlier in Mauritius where I had got a job. I am working in Mauritius with a work permit as a Director of a company. I came to Mauritius on 1 July 2013, for developing an international trading platform for Bitcoin and other virtual currencies. I have successfully implemented it for http://ibwt.co.uk, a company in UK. I am waiting for other countries to use the software for a trading platform. I do not want Indians to send money internationally to buy Bitcoins. If we do so, we will affect the Indian economy in a negative way.

The day the raid was conducted, I informed RBI for the investigating offices. As soon as I got the reply from RBI-ED, I sent them my location and contact details. I have already replied to their queries by email.

I have also informed RBI-ED that the keys of my home are available for inspection. If they ask me I will send them the keys.

Mahin or I have not done any money laundering or MLM scam, we have tried to introduce an International technology to India for the benefit of every citizen of India.

Q. Do you think the recent actions taken by the authorities will adversely impact the future of virtual currencies in India?

A. No, The recent action by RBI-ED is positive, it was necessary. Whatever RBI has done, has initiated a momentum in different industries. Legal, Economic, Tax, Finance, Cyber Crime, to name a few, have come forward to join the movement.

RBI should have done this earlier last year, when I went to the first Bitcoin Conference 2013, in San Jose, US in May 2013. But at that time there were only 200 users of Bitcoin in India. Today there are about 50,000 users, and it will grow.

Any decision by RBI to regulate, Bitcoin, is accepted by the community, we are here to help RBI.

 
Newer | Older

Creative-for-SG


iTv Network : newsX India News Media Academy aaj Samaaj  
  Powered by : Star Infranet