Crypto to Be Pegged to Coffee Supplies by Brazilian Farmers: Bloomberg

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Fri, 07/12/2019 - 17:45
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Yuri Molchan
Farmers who grow and produce coffee in Brazil are considering launching their own crypto back by coffee supplies for their needs
Crypto to Be Pegged to Coffee Supplies by Brazilian Farmers: Bloomberg
Cover image via U.Today

The world has already seen attempts to launch a coin backed by whiskey, and even Jesus Coin, backed by the Father, Son and the Holy Spirit on blockchain. Now, it is turn for a ‘coffee coin’.

‘Coffee coin’ for farmers’ daily needs

Bloomberg reports that coffee growers in Brazil are seriously considering releasing their own cryptocurrency.

Minasul, a large coffee making company and a cooperative, intends to give the world a DLT-based coin pegged to coffee supplies. 

Farmers who are the members of this cooperative would be able to utilize the new crypto for purchasing organic materials and equipment they need for growing coffee, as well as cars and food.

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They will be able to trade things for this coin on a virtual marketplace where Minasul will be selling its products and machinery that farmers cannot do without.

Bloomberg writes that coffee growers will be allowed to get this crypto coin in exchange for present and future coffee production.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.