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Argentina will provide loans to farmers secured by cryptocurrency

Argentina will provide loans to farmers secured by cryptocurrency

Loan program for farmers with codes developed on networks Ethereum, polygon And the Algorand It will be created in Argentina, mentioned Press release.

The value of the digital assets will correlate with the value of agricultural raw materials, such as soybeans (soybean), corn (kora) and wheat (Why), taking the US dollar as a reference.

Digital codes can be stored or exchanged Argentina for inputs, services, and other assets.

This agreement, with an investment of $225 million, was implemented thanks to the confidence of the Council of Ministers Santander Bank and the company agrotokine in Argentine farmers.

New financing system

Banco Santander stated that this loan program for farmers represents New financing system in the country of South America.

“this is digital solution It will allow farmers and the agro-ecosystem to have access to a new financing system, which expands credit capacity, using tokenized grains.”

Each digital asset is backed by a quantity of grain delivered to a collection center. In addition, every ton of supplies will be validated by a Grain Reserve Experiment (PoGR).

Grain reserve testing is a transparent, secure, decentralized and auditable system at all times through a security infrastructure Multi-chain using technology from Ethereum, Polygon, and Algorand.”

How to access tokens?

  • Firstly: Farmers must hand over the beans as support.
  • Secondly: symbolizes them.
  • third: Receive agrotokens in your digital wallet.

You can also replace it with Seeds, vehicles, machinery and other fuels.

In addition, you can use it as a guarantee for borrow money And you can order a prepaid card using agrotokens.

trial plan

Banco Santander and Agrotoken conducted pilot tests with Argentine producers of Technically and operationally validated Run the project.

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This is one of the first global experiments supporting loans with tokens based on agricultural commodities, such as Soybeans, corn and wheat.

“With Santander We are identifying various financial products to provide the agricultural producer with a service through which he can easily and smoothly access a new credit system backed by his grain,” Agrotokin noted.

Visit our news about Argentina. here.

Read our news section about environmental system. here.

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