AMECO, the oldest manufacturer of disposable syringes and needles in the Middle East, has just announced that it will begin accepting Bitcoin payments.
The family owned company got its start in Cairo in 1984 and owns about 80% of the market in Egypt. Sales last year, include exports, reached about 60 million USD.
Stability and the Bitcoin Workaround
And in a place as unstable as Egypt right now, AMECO has a clear need to make sure its money is safe from potentially meddling government officials or banks under pressure from someone.
To further complicate the economic situation, the Egyptian pound has lost about 15% of its value since the 2011 uprising that led to the overthrow of President Hosni Mubarak.
Bitcoin Magazine also reports that it is hard for businesses in Egypt to get a line of credit. Companies shipping raw materials into Egypt have begun to demand full payment in advance, which is a cash-flow nightmare for a company such as AMECO.
AMECO’s owner, Omar El Fata, also told Bitcoin Magazine that timing is a huge issue with large sums of money in Egypt. He said transferring 300,000 GBP, as an example, could take anywhere from three to five weeks.
Bitcoin renders some of these problems moot, and it’s why so many Bitcoin entrepreneurs are quick to point out the currency’s potential in developing countries.
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