Remember about 3 weeks ago when we were talking about buying coffee with Crypto? Well, it’s got a whole lot deeper than that brothers and sisters! Believe or not, this thing is moving so fast it’s evolved into an actual coffee trading cryptocurrency! Yes, in the space of three weeks! Okay okay, this thing has been in the works for a year or two but it’s just now launched legally! Now let’s give you a brief update on the situation here because by the looks of it we will be flying in spaceships in no time. Minasul, one of Brazil’s biggest arabica-coffee cooperatives, has launched an official national plan to regulate coffee supplies by using a specific crypto currency called CoffeeCoin.
Farmer members will be able to buy the currency against current and future coffee production, Minasul said. As much as 30% of the current harvest is now eligible for exchange, 20% of the next crop will be eligible, and 10% for the third season.
Now let’s get to the interesting bit! CoffeeCoin can be exchanged for goods at a digital marketplace. I bet you’re thinking what on earth does this even mean. Let our giant brain guide you. Minasul’s CoffeeCoin is reportedly backed by crop nutrients, machinery, and products of the arabica-coffee cooperative. This means that farmers who are members of the cooperative can use CoffeeCoin to purchase machinery, fertilizer, as well as non-farm products like cars and food, or even a McDonalds for the staff. So in simple terms, CoffeeCoin is the new money of the Brazilian Coffee Industry! Instead of using cash to buy a new machine or fertilizers, farmers will use CoffeeCoin.
The plan goes so deep that it will eventually enable farmers to sell coffee beans via mobile phone transactions, how crazy is that! You can buy CoffeeCoin on platforms such as Coinbase for approximately 0.0001 dollars for one CoffeeCoin. Hey, you just never know what it could lead to!