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Kazakhstan will launch a dedicated cryptocurrency for agriculture

Next year, Kazakhstan is going to launch a dedicated cryptocurrency for agricultural holdings and companies. The coin will be usable for grain trading, getting mortgage loans and agricultural machinery subsidies.

The launch of Bidacoin, a dedicated cryptocurrency in the sphere of agriculture, is scheduled for 2019 in Kazakhstan. Farmers will be able to use it to settle grain deals, as well as mortgage their coins in order to get 30% subsidies for purchasing new agricultural machinery, seeds and fertilizer. Bidacoin will be tied to the national currency (tenge).

By the end of this year, the Kazakhstani Ministry of Agriculture plans to complete the digitalization of pastures within the framework of the programme for digitalization of the country’s agro-industrial complex. By now, 99% of the country’s area of arable land and 20% of pastures are digitalized. Thanks to this digitalization, farmers are able to apply for fertilizer, herbicide and fuel subsidies. State authorities, in turn, may monitor and measure land use efficiency.

Back in April, the country’s Ministry of Finance jointly with IBM and PwC started developing a blockchain-based tax management and monitoring system.

As reported earlier today, the neighboring Uzbekistan has successfully pilot-tested a blockchain-based drug monitoring system.