Zimbabwe An idea of agricultural company Parrogate is very much in discussion these days. The company has adopted StableCoin while working on blockchain technology for payment to its suppliers and has proved to be a much more game Changer for the Agriculture Sector. This led to a boom in the company’s cross -border trade, while the problem of delayed payment to farmers has also gone away. This is why in African agriculture market Stablecoins Is being adopted rapidly. In such a situation, it is being speculated that due to accessibility in trade, the an estimated value of the African agriculture market can reach 1 trillion by 2030.
Increasing dependence on farmers’ technology
In fact, even in the increasing influence of technology in the Agriculture Sector, the income of farmers worldwide is no longer dependent on farming and farming. Many countries of the world are adopting StableCoin to remove the flaws of traditional banking systems for farmers, so in this article we will know what is StableCoin and how it is beneficial for farmers and what are the possibilities about it in India.
Learn what is stablecline
In fact, stablecoin is a type of digital currency, which works on blockchain -based technology and the price of this currency is considered similar to US Dollar, Euro or Gold etc. For example, if a person has 1 dollar, he can take 1 stablecoin instead and when he returns the Stablecoin he gets 1 dollar back. The biggest advantage to the farmer is that he can sell his produce anywhere at the global level and receive immediate payment. Apart from this, the kind of ups and downs in the crypto market does not affect StableCoin. The value of StableCoin is not very up-to-low, such as other cryptocurrency such as bitcoin or ether.
Why StableCoin is beneficial for farmers
Since global transactions in cryptocurrency also take place at a very fast pace, it removes the problem of farmers’ payment. Since it is based on technology blockchain, it is more transparent as well as safe. However, regulatory institutions in many countries of the world have not made any clear guidelines regarding cryptocurrency. There is confusion about this in India too.
India can learn from Nigeria, Kenya and Argentina
India is an agricultural country and about 60 percent of its population depends on agriculture. In such a situation, it is a golden opportunity in front of Indian farmers that they can sell their products in the global market and earn well. Nigeria farmers have started direct transactions from global buyers by adopting StableCoin USDT and are taking good advantage. They do not suffer loss of decline of local currency due to exchange in USDT Stablecoin. A similar situation is also the farmers of Argentina and Kenya, who are selling their products directly in the global market. Since India is the third largest hub in the world in terms of web3 technology, India Agriculture Startup can do good work, but the biggest challenge is that there are no clear guidelines on the use of StableCoin in India. If you want to know that What is USDT So click on this link.
Legal obstacles to adopt StableCoin in India
StableCoin has not yet been approved in India, in fact there are some legal hurdles about adopting it, which is very important to know about it.
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Actually, the Reserve Bank of India is concerned about StableCoin because this digital currency can become big for India’s monetary policy as well as financial stability. RBI is apprehensive because currently the price of most StableCoin is currently estimated at the US dollar. In such a situation, there is a risk of currency being ‘dollar’ and the rupee may fall. India’s monetary policy may be weak.
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The second biggest obstacle to StableCoin is that they are issued by private institutions and the government does not control it. It is out of digital currency monitoring. India as well as many developing countries consider central banks digital currency (CBDC) as more secure.
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There are some traditional obstacles in India as well as some traditional obstacles. A large part of the population in the country believes in traditional banks and government institutions. It is difficult for farmers in rural areas to create confidence in StableCoin by a private institution.
Conclusion
Through StableCoin, Indian agriculture can get a golden opportunity through which the Indian farmer can sell his products directly on the global platform and get a reasonable price. Now there is a need to be taken to the normal farmer of India through this new technology. In such a situation, if steps are taken in the right direction, then in a few years, the farmer of India can also emerge in international agricultural trade through transaction in digital currency.
