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            december 17, 2017

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Indiaexportnews.com

Ukrainian shipper Varamar plans to accept Bitcoin payments

  05.12.2017    

A Ukrainian shipper says it will start accepting payment in Bitcoin - an early sign that the crypto currency can be used in commodity trading, reports Bloomberg.
Odessa-based Varamar Ltd is negotiating its first deal in bitcoin with a client, according to its founder president Alexander Varvarenko.
Said Bitcoin News: "Shipping companies are obliged not to trade with sanction-hit countries such as Sudan, Yemen, and Qatar. Bitcoin provides a means of ensuring payment whilst enabling shippers to continue trading with these nations."
Varamar, an exporter of crude sunflower oil, refined sunflower oil, crude soybean oil, degummed soybean oil, said Bitcoin will make it easier to do business with customers in countries affected by sanctions, and means less paperwork than bank contracts.
"Paperwork for transactions is a complicated issue with banks, and Bitcoin payments will help solve that by being faster," Mr Varvarenko said.
"It could also help solve payment problems in countries like Pakistan, Russia, Sudan, Yemen and Qatar, which have safe companies, but are victims of sanctions being imposed against their governments."



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