The Republic of Tatarstan, Russia, has launched its own digital currency, the value of which is pegged to the price for seed bulls’ meat, Business Online reports on Friday.
A new cryptocurrency was named “itcoin” (from the Tatar word “it” standing for “meat”). According to the currency’s creator, Denis Ryndina, pegging it to the cost of bull meat will allow to avoid sharp jumps in exchange rate.
– Low volatility will allow to apply itcon in cash settlements – a kind of commodity-barter relations, in which all actors are protected, Ryndin stresses.
He explained that the business would be based on blockchain technology. With its help, it will be possible not only to ensure the reliability of the cryptocurrency, but to track the health condition of chipped bulls on a real-time basis.
