A first in Turkey’s wheat trade: Transportation costs were met with Bitcoin

According to the Prime Shipping Foundation, a wheat trade from Russia to Turkey last month was paid for freight with Bitcoin.

Bitcoin was used for wheat trade

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Prime Shipping Foundation used Blockchain in commodity trading. In a wheat trade from Russia to Turkey, freight payment was made with Bitcoin. This was the first freight payment ever made in cryptocurrencies.

“It was the first freight payment with digital currencies.”

Prime Shipping Foundation CEO Ivan Vikulov He explained that the Bitcoin transaction is part of a pilot they have implemented in commodity trading.

According to the company’s statement, the technology used allows immediate payments and conversions from digital currencies to other currencies.. The group also announced plans to create its own digital currency.

Vikulov on the phone:

Faster than what’s available now and we are trying to develop an easy cross-border payment system. As far as we know, this was the first transport cost payment ever made in cryptocurrencies.

New example of using Blockchain in commerce

The announcement comes after 166-year-old trading company Louis Dreyfus Co. announced that it is using Blockchain for the first time in trading in agricultural commodities.. The company announced this week that the technology was used in the sale of US soybeans to China-based Shandong Bohi Industry.

3,000 tons of wheat in Prime Shipping’s transaction using cryptocurrency is Russia’s Rostov-on- Moved from Don port to Samsun port. Although a small amount, this transaction signals that cryptocurrencies can play a role in agricultural commodities.. Countries like Syria have limited access to the dollar due to international sanctions. This limits the food import capacity of these countries.

They will issue their own cryptocurrencies

Prime Shipping Foundation has the most crypto-friendly regulations Considering obtaining a banking license in Gibraltar, one of the regions. According to Vikulov, this license will facilitate the conversion of cryptocurrencies to traditional currencies.

Vikulov said that they are considering launching their own cryptocurrencies in mid-2018.

While Vikulov has a volatile market, he pointed out that cryptocurrencies have futures markets operated by CME Group, emphasizing that there is a hedge opportunity.. Bitcoin prices are 40 percent below the December peak.

BusinessHT