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Brazilian coffee company to launch a digital coin backed by coffee supplies

About one-third of the world’s coffee is grown in Brazil, making it the largest coffee producer in the world and the coffee farmers of the country are all set to use a new cryptocurrency that would be backed by coffee supplies. Minasul, Brazilian’s prominent arabica-coffee cooperative, announced the launch of a new blockchain based digital coin that would be pegged to coffee supplies, allowing farmers to carry out their daily expenses through the new “coffeecoin”. The coins can be exchanged for goods in a digital marketplace backed by Minasul’s store of crop nutrients, machinery and other products. In an interview with Global Coffee Forum in Campinas, Sao Paulo state, Minasul’s president, Jose Marcos Magalhaes, revealed that Minasul intends to launch the c...