Coffee farmers in rural Brazil will be able to use "coffee coins" for financing and purchase.

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Coffee farmers in rural Brazil, through the plan of the Coffea arabica cooperative Minasul, will soon be able to use cryptocurrency to meet their daily needs.

Minasul is located in the state of Minas Gerais in southeastern Brazil, which is the world's largest coffee grower and exporter, and Minasul is one of the largest small fruit coffee bean cooperatives in the United States.

Jose Marcos Magalhaes, president of the large small fruit coffee bean cooperative Minasul, said in an interview at the Global Coffee Forum in Campinas, Sao Paulo, that the Minasul coffee bean cooperative plans to launch a blockchain-based cryptocurrency this month.

The encrypted currency will help farmers use "coffee coins" to buy fertilizers, machinery and other non-agricultural products, including cars and food, through the supply of coffee.

Magalhaes said that the stocks of fertilizers, machinery and other commodities for crops in Minasul cooperatives can guarantee the exchange of coffee coins and goods in the encrypted currency market. Allowing this type of cryptocurrency financing would "reduce costs for cooperatives and growers", he said, because it did not need to be registered through the offices of notaries.

Magalhaes added:

Farmers will be able to receive coffee coins based on coffee receipts in the current and future seasons. "

Among them, 30% of the current harvest, 20% of the crop harvest in the next season, and 10% of the seasonal harvest after that are eligible to be traded as coffee coins.

The project is part of a large digitization program carried out by Minasul cooperatives. The ultimate goal of the co-op is for farmers to sell their coffee beans directly from their smart phones.

The application of blockchain technology in agriculture is gradually increasing. Earlier this month, Etherisc, a decentralized insurance technology company, launched a blockchain-based insurance platform for Sri Lankan farmers, while Taiwan's new venture Odingdin worked with small farmers on the pool to jointly establish agricultural production performance through blockchain technology.

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