Brazilian coffee farming cooperative to launch a cooffe-baked token
The company Minasul announced on Thursday that after the launch in the next few days farmers will be able to use the token to purchase products such as fertilizers, machinery and other non-agricultural items such as cars and food
The Brazilian coffee cooperative Minasul has revealed its intentions to launch a coffee-backed token, according to information provided by Bloomberg by José Marcos Magalhaes, president of the company.
Minasul has worked on the different aspects related to this initiative, the blockchain ecosystem, the cryptocurrencies and their benefits to farmers. In this sense, it was known that with this token the farmers and land holders would have the opportunity to acquire items such as fertilizers, machinery and other non-agricultural products in the electronic market, including automobiles and food.
Additionally, “farmers will also be able to purchase the token in exchange for current and future production of coffee beans: 30% of the current crop, 20% of the next crop and 10% of the next season are eligible for the crop. exchange.”
According to Magalhaes, it is a financing mechanism that will help reduce operating costs for both this cooperative and farmers, since it will be necessary to register through a notary office.
Brazil is one of the Latin American countries that has shown a wide openness towards the cryptographic ecosystem and its benefits. In fact, it is known that Microsoft “has registered a set of applications in Brazil that are designed to improve efficiency in the agricultural sector.”
The Arabica coffee cooperative Minasul joins this willingness of the nation to digitalization; the inclusion of farmers in technological advances, communication and sales through their smartphones, among others.
M.Pino
Source: Cointelegraph
