Safello Is All for Legal Bitcoin Transactions; Advocate for Speed and Convenience

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Safello Is All for Legal Transactions; Advocate for Speed and Convenience
Safello Is All for Legal Transactions; Advocate for Speed and Convenience

Safello Is All for Legal Transactions; Advocate for Speed and Convenience

Safello, a Swedish Bitcoin startup, is emphasizing on transparency and focusing on some points such as making Bitcoin extremely useful for consumers in terms of the speed and convenience. The organization believes that Bitcoin is extremely useful, particularly for cross-border and international transactions.

Safello CEO Frank Schuil says that Bitcoin has been used in places where conventional banks don’t or won’t operate, like in parts of Africa and which according to him can be a major breakthrough. At the same time he also says that Safello isn’t really focusing on the anonymity of Bitcoin; rather, it wishes there is maturity which is required for it in order to become mainstream.

Bitcoin to Mature Needs Transparency

On the question that Bitcoin is being used for contraband activities as transactions are anonymous, Safello CEO Frank Schuil says that Bitcoin is easier to trace than any other currency in the history of mankind and there are even hints and rumors that the NSA [American National Security Agency] were the original creators of the protocol for this specific reason.

He even cites a 1996 NSA report on electronic cash which shows how the absence of an electronic trail would magnify the problems of detecting counterfeit coins, money laundering, and tax evasion. According to him to become a popular currency Bitcoin first needs to erase its image of being used for illicit transactions.

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Anonymity needs to go and for that reason Safello is not really focusing on the anonymity of Bitcoin transactions. It is also focusing on providing infrastructure for the sale and purchase of Bitcoins. The organization since the beginning has tried to be transparent unlike Mt Gox which has been facing a lot of problems recently for its anonymous transactions and lack of transparency.

Safello CEO Frank Schuil admits that what sets them apart from existing exchanges like Mt Gox is that they are complying with the existing norms from the government. In fact, the Swedish authorities and banks seem on the same page with the Bitcoin reseller as it has established a corporate account with a major Swedish bank.

The reseller will also be following the guidelines that it has received from Skatteverket, the Swedish tax authority. It will be complying with the guideline that Bitcoin investments should be treated for tax purposes. He believes that Bitcoin can play a vital role in a global economy.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com