Brazil’s countrysides may soon adopt crypto coffee coin

by in Cryptocurrency News

Brazil’s countrysides may soon adopt crypto coffee coin

There is a possibility that countrysides of Brazil will start adopting cryptocurrencies for their day-to-day essentials.

Minasul is a major arabica-bean organisation, which is preparing to develop a blockchain-based coin that’ll be backed by coffee stocks. Farmers will have an opportunity to purchase tools, fertilizer, food and other farm and non-farm goods using this “coffeecoin”. This project was announced by the leader of Minasul Marcos Magalhaes during the Global Coffee Forum in Sao Paulo state.

Marcos also mentioned that the process of exchanging coins for goods will be provided on a digital marketplace and that farmers will be able to obtain the currency against future and current coffee production. Allowing this kind of digital funding will decrease prices for the cooperative and farmers because it won’t require registration through a notary’s office.

Related: Brazil: the payment of public transport in Bitcoins

The coffeecoin comes as the cooperative takes on a larger digitalization project, including allowing farmers to trade beans in mobile phone transactions.