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Russia and Turkey: read

article let Bitcoin payments for wheat cargo:

between Russia and Turkey, the first large international trade has taken place where Bitcoin was paid. The product is a cargo of Russian wheat, which was sold to Turkey in the last month. Thus, Kryptowährungen have arrived as a means of payment on the next level.

A total of 3,000 tonnes wheat were shipped in December from the Caucasian city of Rostov on Don in the Turkish Black Sea city of Samsun. What initially appears to be a normal food trade between the two neighbouring EU countries, represents an almost revolutionary innovation of transnational trade on second glance: the payment of the ship’s cargo was made in Bitcoin. It therefore shows a direction in which the use of Kryptowährungen in the area of food trade could move.

The delivery was performed by the Prime shipping Foundation, a block Chan project by quorum capital Ltd of Gibraltar, and the Ukrainian shipping companies Interchart LLC. The ship is not only a mere exchange of goods, but means mainly the go-ahead of the own Blockchain payment system for commodities for the Prime shipping Foundation. This should build on a distributed-ledger-technology solution and allow to carry out transactions in real time, as well as the conversion of Fiat in Kryptowährungen.

In addition, the project in the long term has also an own ICO . The PRIME tokens should work within the framework of the Prime shipping ecosystem and to compete with the dollar as a vehicle in the international cargo shipping. The advantage of such solution is the reduction of transaction costs, since the adaptation of the system to ensure a fast and if possible free trade between different currency areas – whether a Fiat-Fiat – or Fiat crypto Exchange.

Cross-border trade, especially those where it comes to commodities or food, could take place in the future, using a Kryptowährung. This simplifies not only cost, time and communication, but allows also to countries, the accessing of the US dollar as the international reserve currency is limited, to participate in the maritime trade.


about Tobias Schmidt

 Tobias Schmidt is Tobias Schmidt since August 2017 as editor in the BTC ECHO working team. His studies in the subject of politics and Economics at the University of Münster signed with a Bachelor’s degree and was also active during his studies at the Department as a student assistant. In addition, he gained professional experience in parliamentary work and in strategic communication, before joining in the journalistic trade. Since 2017 he deals with the Blockchain technology, whereby it focuses in particular on the many different application possibilities in politics, economy and society.

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