Ukraine-based shipping firm Varamar Ltd. is reportedly planning to accept Bitcoin as a method of payment in order to bypass sanctions being imposed on certain countries where companies want to do business with the shipper.
By using Bitcoin, the firm will avoid the voluminous amount of paperwork related to international payments, as well as lower fees for all parties involved in the transactions.
According to the firm’s founder Alexander Varvarenko, the use of Bitcoin facilitates the conduct of business with their customers in countries where sanctions are being imposed, as well as reduces the paperwork of the transactions.
“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.”