Ukrainian Firm Looks at Bitcoin to Bypass Sanctions

[raaner12]

There are many reasons why companies should or could accept Bitcoin payments. One would be to attract more customers from around the globe, or even to reduce overhead costs. For Ukrainian shipping company Varamar Ltd., the main reason is very different. This company is using Bitcoin as a way of avoiding sanctions. It is an interesting approach, though one that may lead to some repercussions down the line.

Bitcoin can Save Businesses in Various Ways

When the news broke about this Ukrainian shipping company looking into Bitcoin payments to circumvent sanctions, a lot of people were actually surprised. Then again, there is still a misconception that Bitcoin isn’t suited for payments or business transactions, despite that clearly being not the case. For this particular company, accepting payments denominated in the world’s most popular cryptocurrency will help it avoid significant paperwork associated with international payments and reduce fees for all parties involved.

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[Keron]

Actually, yes. Less expenses and more convenience. A lot of companies do the right thing when they accept bitcoin payments.