A shipping company Ukrainian uses Bitcoin to avoid the sanctions

A shipping company Ukrainian became the first to accept the payment via Bitcoin. What is her motivation for adopting this digital currency ? She especially wants to escape economic sanctions.

Indeed, the shipping companies are not required to carry out your financial transactions with countries under sanctions, such as Sudan, Yemen and Qatar. This crypto-currency provides a way to ensure payment, while allowing shippers to continue to trade with these countries.

Check out below the details of this novel :

A solution facilitating international trade

The digital currency proves its value not with the P2P, but the B2B. Varamar Ltd, a shipping company of ukraine, based in Odessa, turned to the Bitcoin. She uses it today as a payment solution. No matter what the borders of this crypto-currency can be sent and received anywhere, regardless of the geopolitics.

Stas Sutulo , Pixabay

The founder of the company, Alexander Varvarenko, told Bloomberg that the procedures for such transactions are often a problem. It is necessary, in fact work with the banks to be able to perform such an operation. Payments by Bitcoin will help solve this and provide a solution much faster. This could also help to solve the payment problems in countries such as Pakistan, Russia, Sudan, Yemen, and Qatar, he added.

The problems related to the use of Bitcoin

The transaction costs high of this digital currency, a solution that is less suited to personal purchases. These problems are also eliminated at the company level, where the Bitcoin offers itself as an alternative faster and more reliable with banking the traditional way.


One of the greatest risks faced by the transport companies is that banks refuse to process payments from countries which have been subjected to economic sanctions.

Source : NewsBitcoin