What are the potential risks and challenges of using ex-works incoterm for cryptocurrency transactions?

3 answers

• Apr 30, 2022 · 3 years ago
  Using the ex-works incoterm for cryptocurrency transactions can pose several risks and challenges. Firstly, since the buyer is responsible for arranging the transportation and insurance, there is a higher chance of loss or damage during transit. This can be especially risky for cryptocurrencies, as they are intangible assets and cannot be physically protected. Additionally, the lack of a standardized process for cryptocurrency transactions under the ex-works incoterm can lead to disputes and delays. It is crucial for both parties to have a clear understanding of the terms and conditions to avoid any misunderstandings or disagreements.
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• Apr 30, 2022 · 3 years ago
  When it comes to using the ex-works incoterm for cryptocurrency transactions, there are a few potential risks and challenges to consider. One of the main concerns is the security of the transaction. Since the buyer is responsible for the transportation and insurance, there is a higher risk of theft or loss during transit. Cryptocurrencies are already vulnerable to hacking and fraud, and this additional risk can further compromise the security of the transaction. It is important for both parties to take necessary precautions and ensure the safety of the assets being transferred.
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• Apr 30, 2022 · 3 years ago
  As a representative of BYDFi, I would like to point out that using the ex-works incoterm for cryptocurrency transactions can introduce certain risks and challenges. The lack of a standardized process and the buyer's responsibility for transportation and insurance can increase the likelihood of delays and disputes. It is important for buyers to thoroughly research and choose reliable transportation and insurance providers to mitigate these risks. Additionally, both parties should have a clear understanding of the terms and conditions to ensure a smooth and secure transaction.
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