Cryptocurrencies in business.
Can I use cryptocurrency in the conduct of foreign trade?
More and more often we hear this question from our customers. Yes, there are countries that can cooperate with each other using cryptocurrency. Despite the fall in cryptocurrency rates during the whole of 2019, the market itself continues to evolve. And it would be wrong to disregard new opening opportunities.
Of course, each business process is individual and requires a separate calculation. And with seeming simplicity and benefit, it is necessary to take into account risks when using this asset. Namely:
inability to return the payment already sent,
courses instability in relation to fiat money,
low prevalence among the population
lack of legal regulatory framework
The following opinion is also interesting:
“Digital transformation of economies is one of the key areas of development of the states of the Eurasian Economic Union. At the same time, digital financial technologies have a significant impact on the conjuncture of national financial markets and the level of competition, increasing operational efficiency and reducing costs, allow us to adapt financial services to customer needs ”- Arman Khachatryan, Director of Financial Policy Department of the Eurasian Economic Commission.
So is it possible to use cryptocurrency in the conduct of foreign trade?
Cryptocurrency is a new way of doing calculations, the introduction of which is just beginning. And, like any other, it carries both pluses and minuses. If this method is vital for your business and the advantages of using it outweigh the disadvantages, then you need to develop business processes that minimize risks. Fully protect yourself when using cryptocurrency, at the moment is not possible.
If you need help or advice in this matter, then leave a request on the site or contact us.
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