Reportedly, Varamar Ltd, the Ukrainian based shipping company aiming to accept Bitcoin payment. Since to avoid sanctions applied on several countries wherein firms want to tie up with shippers.
However, the use of bitcoin, the company will lessen the enormous amount of paperwork. Besides, the lower fees for all the parties included in transactions.
According to Alexander Varvarenko, founder of Varamar Ltd,
“Paperwork for transactions is a complicating 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”.
Bitcoin payment: Advantages and Disadvantages
Remarkably, using Bitcoin, one of the most leading virtual currency as a mean of payment, the Ukrainian shipper will avoid illegal activities. Besides, there will legalized process throughout.
Nevertheless, bitcoin is not banned as a mode of payment. But this is because in Ukraine it is not recognizes as legal tender. Recently, the Ukraine regulators are facing towards relieving income and profits taxes. By bitcoin usage, the firm and its consumers can sign for official contracts for services provided. As well, anyone will inspect the transactions will be considering them as legal.
Moreover, there are several negative opinions against the shipping firms. Thus, if this approach pursues the sanctions imposed on certain intentions. Therefore, there should be approval from the international community. Since all parties involved will face the law force once they get into action.