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To the Editor:
Not to be confused with cryptocurrency farming (also known as staking), farming with cryptocurrency technology is inevitable. Farmers run the gamut when it comes to innovation: early adoption in technology all the way out to farmers using equipment built 60 and 70 years ago.
Cryptocurrencies are just about the newest technology on the market. It is still in its infant stage and is expected, just like the internet, to grow and develop over time.
As a global technology, cryptocurrency does not need to be converted to another country’s currency when purchasing or investing in another country. It does, however, incur fees every time it is used in a transaction.
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Although currently unregulated, large global financial corporations are pushing for regulation in the industry. There are many challenges to regulation, but it is generally expected that once regulation happens, trillions of dollars will pour into crypto markets.
China initially banned cryptocurrency but has now launched its own crypto asset called the Yuan. The Yuan can be used to transact for goods and services within China and any business in any other country that chooses to accept the Yuan as currency. The Chinese government collects a fee every time a transaction occurs with the Yuan, anywhere in the world.
Agricultural products make up a significant portion of Canada’s exports. It is not a great leap to expect purchasing countries, like China, to pay for imported products in their own cryptocurrency. This practice will not only increase demand for their cryptocurrency, but it will also increase their income from the fees collected with each transaction.
