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Wednesday, 24 January 2018

Wheat Exchanged For Cryptos In Turkey


Cryptocurrencies are gradually coming to stay and to become mainstream in the economic sector for trading goods and services.


Just recently, the first known freight consignment which was paid for in cryptocurrency  was sent to Turkey.

 Last month, BTC was used in a transaction between traders in Turkey and Russia, as a firm called Prime Shipping Foundation (PSF) reports.

The transaction was part of a pilot the firm is checking out that features block chain settlement for large consignments. The hopes are that the company's trial will lead to easy processing of cryptocurrencies' freight deals.

For the research and development of the project, the firm partnered with Quorom Capital Ltd. and a shipping management company called Interchart LLC.

“We are trying to develop a cross-border payment system that’s easier and faster than what’s available now,” explains Vikulov, PSF's founder and CEO in a recent interview.

As far as we know, this is the first freight deal done in a cryptocurrency.

The ship carried about 3000 metric tons of wheat from the Russian region Rostov to the Samsun region in Turkey. The deal which was done in digital currency showed that the deal coukld bypass international sanctions in those areas. According to Viculov, his firm is planning on registering in Gibraltar as the region shows more favor toward cryptocurrencies.

“Most of the world’s tonnage is currently registered offshore — The flexibility of these jurisdictions creates a good foundation for the development and the potential switch away from the classical banking system towards a much simpler payment system,” Vikulov details.

3000 metric tons of wheat might seem boring compared to the luxury homes and cars bought this year, but cryptocurrency lovers will attest that this is an interesting milestone in the history of digital currency, don't you think?

READ ALSO: CRYPTO CODE OF CONDUCT FOR GOVT OFFICIALS IN SK

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