Where’s the Beef? New Token Answers That

Announcements, Blockchain, Innovation, News, Regulation | July 7, 2017 By:

The first sanctioned cryptocurrency in Russia has debuted, dedicated to tracking and verifying the beef supply chain.

The Russian republic of Tatarstan has launched a cryptocurrency, ITcoin, which will be used for settlements in the local meat processing industry. Blockchain technology will microchip cattle to track their health and condition online.

Currency creator Denis Tyndin said the coin will be low volatility, “basically a form of commodity barter relationship in which all participants are fully protected.”

Parent company Infinans, which developed ITcoin’s business model, will become a resident project of a business incubator in Tatarstan’s second-largest city, Naberezhnye Chelny.