New cryptocurrency called dekalees is being developed by a local group of farmers and is looking to replace BTC as the preferred currency of choice for rural transactions in India.
The project, which is set to launch in 2019, aims to provide farmers with a way to buy their produce at local marketplaces without using cash.
“The technology that will be developed for dekales is not just a cashless way to pay for the farm, but it is also an innovation in the rural sector,” said the founder of the group, Kishan Jain.
Dekale has two parts, one for farmers and one for merchants.
The farmers and merchants are able to exchange a small amount of rupees into the new cryptocurrency through an app that connects the two entities.
The app will allow them to transfer money between the two accounts, and the two will then exchange the new currency.
Decking out the app with QR codes, the farmers will be able to purchase the crop on the farm and pay for it from the app, while the merchants will be given the same option of purchasing the crop in cash.
Jain said farmers are looking to take advantage of the fact that the dekaled currency is a fraction of the value of the local currency, as it will be cheaper to buy the crop from the farmer.
“Farmers can get a large quantity of the crop, which will be available for the farmer to sell at local markets,” he said.
The new currency is being marketed through a website called ekalee.in, which offers a platform for farmers to purchase their produce and merchants to purchase and sell it from.
In the future, the group plans to add a mobile app for users to buy and sell their produce, Jain said.
Dekkale is also one of the few cryptocurrencies to accept bitcoin, a cryptocurrency that was launched in 2014 by Satoshi Nakamoto, an individual who has become one of bitcoin’s biggest advocates.
Dekkale’s team has already started testing the new digital currency on a small scale.
While Dekkales new currency will be usable by both merchants and farmers, it will not be available to merchants in the marketplaces.
This is because merchants are only able to accept one cryptocurrency per market.
The main reason farmers will not benefit from this is because they will not have a way of paying for their produce in the local market.
Instead, they will need to use the app to make the payments, which means that the farmers are losing out.
Jai Kothari, who is the president of the Dekkalas farmers cooperative, said he would like to see the farmers who purchase the crops from the group pay in Dekkals new currency rather than the local rupee.
“We have already spent some money for the crop.
We will be ready to buy again if it is cheaper, but the farmers have been asking us for payment in Dekales,” Kotharisaid.
“The farmers have to have a good relationship with the farmer and pay in cash to him, so it will take a little time for the farmers to be able pay in this currency,” he added.