The CEO of one of the main sponsors of a virtual currency project to take place in Dominica has said there is no secrecy involved in planning and executing it.
Ira Miller, of Coinapult, told DNO on Friday that organizers of the project are trying to be as clear as possible on the matter since there has been “some speculation”.
“We want to be open about this,” Miller said from his office in Panama. “We don’t have any secret deals or anything, we are trying to be very clear about our goals, we just want to hand Bitcoins out to the people and teach them how to use it.”
He pointed out that the project is not getting or receiving any special treatment from officials. “We are not giving any special payment to anyone in the government or receiving anything from them,” he noted. “We are not asking the government for any treatment.”
The project, named Bit Drop, is to be launched in Dominica on March 14, 2015.
Miller explained that during the project about US$10 of Bitcoin will be sent to everyone in Dominica via SMS text message. Those who want to participate will then respond, also via text message, expressing interest. Another text message is then sent to the interested person pointing to the place where the money can be spent, probably at parties organized just for the event.
He said there will be a main party, probably at the Windsor Park, with smaller parties around the island.
Miller noted that ATMs will also be available to change the Bitcoin to EC dollars or vice versa.
He stated the idea for the project goes back when former prime minister O. J. Seraphine visited Coinapult’s office in Panama and the idea of Bitcoins was discussed.
“We showed him how it works and he saw there was a lot of potential in Bitcoin to be used on the island,” Miller stated. “He then presented it to the government about a year ago. Since then it has been in discussion and recently I visited the island and met with some people and everyone seems to be happy with it, so we are moving forward.”
Seraphine has been described as the chairman of the board and director of public relations of Aspen Assurance Company Ltd., one of the partners of the event.
Miller noted that the overall goal of the project is to get people to use Bitcoin.
“We are an outreach group and we just want to increase Bitcoin adoption around the world,” he noted.
There has been some concerns about Bitcoin since it is largely unregulated and Miller was asked about this by DNO.
“This is open source technology, so they don’t really have to take my word for it,” he said in response. “We are going to help provide education on Bitcoin in general and alleviate some of their concerns. It is an open project that is used all over the world and we just want to encourage people to do their own research.”
He said Bitcoin is an open source software that can be downloaded as an application.
“There are people in Dominica today using Bitcoin,” he stated. “If you have a smart phone you can go to the App Store right now and download it and start using it. Bitcoin is not currency that is trying to compete with the EC dollar or anything like that. It is just open source software that we think people will find useful.”
Meanwhile authorities here have been silent on the matter.
Dr. Kenneth Darroux, the main local contact on the matter, has said he will comment “at an appropriate time.”