Crypto Coffee Coin Is Coming to Brazil’s Countryside Farmers
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 blockchain-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.
By Fabiana Batista via Bloomberg