New coffee-backed crypto will support Brazilian farmers with daily transactions

12 Jul, 2019 | Updated: 12 Jul, 2019
by Fifi Arisandi
Adoption
New coffee-backed crypto will support Brazilian farmers with daily transactions

The world’s biggest coffee grower and exporter country, Brazil is going to have a new cryptocurrency backed by coffee supplies. 

A major arabica bean cooperative in Brazil, Minasul is going to launch a new cryptocurrency very soon.

The new crypto that is backed by coffee is planned to launch within this month and can be used immediately for transactions by coffee farmers in Brazil’s countryside.

They can use the “coffeecoin” to purchase work-related needs, such as fertilizer and machinery, as well as non-work-related ones, such as cars and foods on digital marketplace backed by Minasul.

Speaking about how the farmer members can acquire the new crypto, Minasul’s president, Jose Marcos Magalhaes explained that 30% of the current harvest is eligible for exchange. The percentage is reduced to 20% for the next crop and 10% for the following season.

This way, the cost for the cooperative and growers will be reduced as notary registration is not required.

Minasul’s digital marketplace is also easily accessible via mobile phone, making it way easier for farmers to purchase their needs as well as to sell their coffee beans, as reported by Bloomberg.

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