Bitcoin Shows Up in Shipping as Ukrainian Firm Plans First Deal

(Bloomberg) — A Ukrainian shipping company will start accepting payment in bitcoin — an early sign that the cryptocurrency could be used in international commodity trading.

Varamar Ltd. is negotiating its first deal in bitcoin with a client, according to Alexander Varvarenko, founder of the Odessa-based shipper. will make it easier to do business with customers in countries affected by sanctions, and means less paperwork than traditional bank deals, he said.

“Paperwork for transactions is a complicated issue with banks, and bitcoin payments will help solve that by being faster,” 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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