Brazilian Coffee Farming Cooperative to spend a dessert with coffee top

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The Brazilian coffee farmer cooperative Minasul is planning to provide a credit with coffee, Bloomberg reported on July 11.

According to Bloomberg, Minasul & # 39; s president Jose Marcos Magalhaes stated at the Global Coffee Forum in Campinas that Minasul wants to launch the token this month. Farmers are said to be able to use the coin to buy fertilizer, machinery and other non-agricultural products – including cars and food – in a digital market.

According to the report, farmers can also acquire the token in exchange for the current and future production of coffee beans: 30% of the current harvest, 20% of the following crop and 10% of the following season are eligible for exchange. Magalhaes alleged that such a financing mechanism would reduce operating costs for both the cooperative and the farmers, since it does not have to be registered through a notary's office.

The project is part of a broader digitization effort by the Minasul cooperative, which also aims to get farmers to sell their crops directly from their smartphones. Finally, Bloomberg claims that Minasul, located in the state of Minas Gerais, is one of the largest arabica coffee cooperatives in Brazil, and Brazil is the largest coffee exporter in the world.

As Cointelegraph reported in June, Microsoft has registered a number of applications in Brazil that are designed to improve efficiency in the agricultural sector.

Earlier this month, decentralized insuretech firm Etherisc launched a blockchain-based insurance platform for farmers in Sri Lanka.

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Don Bradman

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