Brazilian coffee cooperative will launch its own cryptocurrency

One of the largest Brazilian coffee cooperatives Minasul plans to release its own cryptocurrency, which will be provided with coffee beans.

It is reported that coffee manufacturers will be able to spend coins in the online store Minasul. For cryptocurrency, you can buy products such as fertilizers or equipment for growing and processing coffee, as well as food and even cars.

Interestingly, farmers will be able to receive cryptocurrency not only in exchange for the crop already grown, but also under the obligation to pay part of the future crop. True, it is impossible to exchange all the collected coffee – farmers are allowed to sell only one-third of the current crop for cryptocurrency, 20% of the next and 10% of the crop, which will be in a year.

Minasul President Jose Marcos Magalhaes said that using cryptocurrency will help reduce commissions and costs, as farmers will not need to draw up a deal to exchange coffee at a notary. The coffee cooperative plans to continue developing its digital initiatives – the next step is to launch a mobile application for the sale of coffee beans.

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Note that in spring this year, a blockchain platform for the coffee trade appeared in India, and Starbucks, the largest chain of coffee houses, plans to track deliveries of coffee using the Microsoft Azure blockchain service.