Bitcoin gained another recognition as a payment currency for commercial transactions, after a Ukrainian shipping company came forward to accept it as a mode of payment from its clients.
While Bitcoin has been in use as a transaction currency between individuals, business houses had largely shied away from it on concerns of volatility and regulations from government.
Now, the acceptance of Bitcoin by a shipping company has increased the possibility of seeing the crypto currency as a recognized global payment gateway.
Varamar Ltd., a Ukraining shipping company, announced this week that it will begin accepting Bitcoin as payment. Varamar’s founder Alexander Varvarenko believes that there are several advantages in using Bitcoin in commercial transactions. Firstly, Bitcoin will considerably reduce paperwork involved in international transactions. Secondly, it will solve payment related issues while dealing with countries like Sudan, Qatar, Yemen, Pakistan, and Russia.
According to the Russian company Interchart LLC, several other shipping companies, affected by sanctions, will follow suit. Obviously, governments across the world will have a close watch on this development and may try to regulate the Bitcoin payments. Still, the growing recognition for Bitcoin as a payment system cannot be denied.