Bitcoin Makes First Appearance in Shipping as Ukrainian Company Plans Offer– gCaptain

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By 3Dsculptor/ Shutterstock By Manisha Jha (Bloomberg)– A Ukrainian shipping business will begin accepting payment in bitcoin– an early sign that the cryptocurrency might be used in international commodity trading.Varamar Ltd. is negotiating its very first deal in bitcoin with a client, according to Alexander Varvarenko, creator of the Odessa-based carrier. Bitcoin will make it easier to do company with clients in nations impacted by sanctions, and suggests less documents than standard bank offers, he stated.” Paperwork for deals is a complicated issue with banks, and bitcoin payments will assist solve that by being much faster,”Varvarenko said.”It might also help resolve payment problems in countries like Pakistan, Russia, Sudan, Yemen, and Qatar, which have safe companies but are victims of sanctions being enforced against their federal governments. “While the job is still in the beginning phase, it indicates the explosive

popularity of bitcoin as interest about cryptocurrencies drives costs to a record$11,000. Still, actual volume of transactions carried out in cryptocurrencies is relatively small.Other carriers are likewise taking a look at using bitcoin offers. Interchart Shipping Inc., a Russian broker, said some customers aren’t

able to quickly negotiate in dollars due to bank restrictions, so it’s dealing with a system to let them pay in bitcoin.”We still need to do our research on this as it’s a new method of payments,” stated Ivan Vikoulov, handling partner at Quorum Capital,

a Gibraltar-based grain trader. He’s working with Interchart on the bitcoin system.”The industry has been under tension as majority of vessels are registered offshore and numerous vessel owners have banks in the Baltics,

where there is a capture to send out and receive payments in dollars,”he stated. © 2017 Bloomberg L.P