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

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Fri, 12/07/2019 - 17:45
Crypto to Be Pegged to Coffee Supplies by Brazilian Farmers: Bloomberg
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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’.

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‘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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