Dr. Ajith Kumar V.V
Coffee farmers in Brazil’s countryside could be soon be using cryptocurrency for their day-to-day needs. A major arabica-bean cooperative, Minasul, is planning to this month launch a block chain-based digital coin that will be backed by coffee supplies. Farmer members will be able to use the “coffeecoin” to buy fertilizer, machinery and other non-farm products, including cars and food, Jose Marcos Magalhaes, Minasul’s president, said in an interview during the Global Coffee Forum in Campinas, Sao Paulo state. Exchanging the coins for goods will take place in a digital marketplace, backed by Minasul’s store of crop nutrients, machinery and other products, he said.
Source: https://www.bloomberg.com/news/articles/2019-07-10/crypto-coffee-coin-is-coming-to-brazil-s-countryside-farmers?srnd=future-of-finance