Crypto currencies to be a good alternative to USD in grain trading — ceREALIA
Using the crypto currencies, in near future, for trading operations will permit to move away from USD, declared the Co-founder and CEO at the blockchain grain trade start-up - ceREALIA, Andrei Grigorov at the Panel discussion "Grain trade – 2018: key trends" at the seventeenth international conference Grain & Maritime Days in Odessa on May 24.
Ukraine, Russia, Turkey and other emerging market countries are very dependent on USD exchange fluctuations, and, as grain trading is almost entirely conducted in American dollars, this problem must be addressed.
While currently crypto currencies are highly volatile, ceREALIA is planning to propose soon trading in the so-called "stablecoins" (which are artificially kept at the certain level) or blockchain international payment services like Stellar (which permit to pay in local currency, while seller receives the money in his national currency in turn).
As for Ukrainian grains, if they are sold for example to a sanctioned Iran, any USD payments for the product can hang up in the US financial system, said the expert.
A.Grigorov noted that currently ceREALIA is discussing with partners to propose trade finance in crypto currencies, at 7-8% per annum.
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