First Legal Cross-Border Physical Goods Purchase via Stablecoin: Famous Korean Kakao Friends Has Arrived To Russia
11:00 am, Monday, 5 March — South Korea, Seoul
First international legal deal to buy Kakao friends have been made between South Korea and Russia. The deal value is 1071.18 XDR (1499 USD), the weight of Kakao Friends was 10kg, including phone cases, laptop bags, umbrellas and other branded stuff.
The most interesting thing is that the parcel have passed the customs clearance both in South Korea and in Russia. No fiat money has been sent in this deal, according to the contract it was a barter: physical goods have been exchanged for the intangible digital asset (XDR). Moreover, customs officers have put the XDR as a currency of payment to the official clearance documents.
Recently, Mile Unity Foundation has published the first cross-border service purchase deal for the XDR and open sourced all the legal documents, including the IFRS reporting (http://mile.global/cross-border-trade-in-xdr/). South Korean service provider has paid the VAT in Korea, because he has earned profit on this deal.
Mile Unity Foundation is a South Korean public benefit organization evangelizing digital technologies to create a fairer global economy that empowers the 4 billion people in the developing world and kick starts economic growth worldwide.
MUF educates governments, enterprises, engineers, and media about how blockchain technologies can be used to provide equal access to cross-border transactions, trade, investments, and money remittance, and to strengthen international relations.
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