Minasul, a Brazillian coffee farming communal is planning to launch coffee-backed crypto this month. Jose Marcos Magalhaes, the president of Minasul made this announcement at Global Coffee Forum in Campinas. The farmers can use this token to shop fertilizer, machinery, and even non-farm products online.
The farmers can also obtain the coffee-backed crypto in exchange for the production of coffee beans. It is portioned as 30% of the current harvest, 20% of the next crop, and 10% for the eligible upcoming seasons. It will minimize the operating cost for both the communal and farmers. There won’t be any need for registering via a notary’s office.
This project has a broader aspect of digitization for both the cooperative and the farmers. It also intends to enable farmers to sell their harvest using smartphones. Earlier in June, Microsoft filed a blockchain-based application suite in Brazil for efficiency in agriculture production.