WebMoney clears up the situation. Exclusive interview for ECJ

These days all the forums were discussing the situation around WebMoney. The latest news were really shocking ones and have given rise to numerous rumors and guesses. Our journal decided to stop all this uncertainty and to cross the T’s by addressing the system itself. Mr. Peter Darakhvelidze, Director of Corporate Affairs has found time to answer all our questions and to clear up the situation.

Ayny: Good morning, Mr. Darakhvelidze. Thank you for your kind attention to our request. Today WebMoney becomes very popular in Europe and the US, as people trust in your system more and more. Owing to WebMoney people in the West don´t think that all Russians are mafia. What´s your secret? Your rates are the most stable ones…

Ayny: How do you assess your prospects on the international markets?Are you able to compete with PayPal?

P.D.: We are not based on bank products like PayPal, and this is a key difference. This opens for us lots of empty international markets, which we will try to penetrate before starting direct competition with PayPal.
May be it sounds unexpectedly, but US market is not a priority for us at all. Identification paranoia that felt America after 9/11 made even payment systems that work in full compliance with EC e-money directive 2000/46 illegal.
Unlawful Internet Gambling Enforcement Act is another demonstration of power of US lobbyists.

Ayny: These days we get news about the changes in your system but not all of them please the customers. If your update of WM Kipper Mobile made people happy, your Amendments to the Agreement on Property Rights Transfer by Means Of Digital Units have caused a wave of negative emotions. How can you explain this?

P.D.: In this question you are emphasizing only one point of view – exchange business’ one.
But for sure you know that chains of instant autoexchanges were often used for hiding traces of stolen values. Definitely customers whose money avoided threats will be happy too.

Ayny: What was the aim of this event? What have the exchangers done to spite you so much? Do you realize that such decision can undermine the whole exchange business?

P.D.: We think you dramatize the situation. Most of e-currencies are self-sufficient, at least they declare this.

Ayny: Why did you choose that systems? Initially the list of e-currencies was 3 times longer but then a day later you´ve shortened it. What made you refuse the initial one?

P.D.: We made the additional check. This list will be finalized and published on Monday.

Ayny: You have excluded DGC systems. Is it connected somehow with the situation around e-gold?

P.D.: No. We believe that gold-backing is a convenient and truly international model for e-currency.

Ayny: Several months ago you started locking some accounts for the exchange of LibertyReserve to WM. Do you think that this system can cause some troubles?

P.D.: Not just think – we faced real problems. Almost all exchanges from/to this system of significant amounts were linked to laundering of stolen money. We have no another choice than to identify the beneficiaries.

Ayny: Your system supports several types of e-currencies. At the moment you´re the biggest e-payment system on the territory of the former Soviet Union but not all national currencies are supported. Do you think that they are unnecessary? And do you plan to add any other ones?

P.D.: We are keeping an eye on some country parameters, like number of internet users and state of local financial services. There are some countries in the world with higher priorities than former Soviet republics. Preparing national WM currencies for them is in process, as well as distribution of WMZ/WME/WMG financial products.

Ayny: What about Latin America, Africa and Australia? Why don´t you move there?

P.D.: Definitely they are in our plans.

Ayny: How popular the currency WMG is? How simple it is to get a bar of gold at the outexchange of WMG and how long does this operation take?

P.D.: You can buy/sell WMG with bank wire from Primary Dealer – MetDeal, or obtain gold bullions in UAE.
Please refer to http://metdeal.com/index/0-13

Ayny: What are your relations with other Russian e-currencies? And how can you characterize the whole Russian market?

P.D.: Russian market is really unique to digital currencies. The reason is that in 1998 start of WebMoney clashed with deepest financial and banking crisis. For at least five years we have an empty market without any competing banking products. May be this is a reason why in US and Europe DGC and prepaid e-money systems play marginal role, and here in former USSR they are a real power. For example, WebMoney bring two times bigger turnover to Google AdSense in Russia than credit cards.

Ayny: Why haven´t you introduced a virtual card as ePassporte has?

P.D.: This project is on the way.

Ayny: Thank you very much for such an interesting conversation. We hope that it’s not the last time we spoke. We sincerely wish you all the best and good luck in all your undertakings.

P.D.: Thanks. Good bye.