Cryptocurrency has been all the rage in recent news with Bitcoin hitting an all-time high of USD 19,700 odd in mid-Dec ’17 and there on falling to current rates of about USD 10,500 odd in Jan ’18 after hovering around the USD 200 mark around early 2015. Other cryptocurrencies like Ethereum, Litecoin and Ripple have made substantial gains this year as well. But they have mainly been used in trading and used as a mode of payment for few businesses that have started accepting them.
But now, that is set to change with a deeper inflow of cryptocurrency in international trading. For starters, a Ukranian company Varamar Ltd. had announced that they will start accepting bitcoin as payment. Varamar is currently in negotiations with a client that will see Bitcoin being used as the means of payment. The founder of the company, Alexander Varvarenko, says that accepting Bitcoin has a lot of advantages. He says “Paperwork for transactions is a complicated issue with banks, and bitcoin payments will help solve that by being faster. 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.” This is big news and shows the increased acceptance of Bitcoin into the mainstream financial world. Bitcoin allows for quick and easy payments across national borders without all the hassle of layers of bureaucratic paperwork.
Also, Varamar Ltd. will not be the only shipper to start taking Bitcoin; with Interchart LLC, a Russian broker, saying that other shippers are looking to join in as a way to deal with bank restrictions, especially for countries that are affected by sanctions.
Info courtesy: bloomberg.com
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