Indian farmers should innovate with Bitcoin to combat effects of Gov reforms

In this post:

TL:DR Breakdown

  • Farmers protest Government changes.
  • The officials and farmers reach no deal.
  • Bitcoin could be the best solution for farmers.

Indian farmers should innovate with Bitcoin to combat the effects of Gov reforms

photo of Taj Mahal

Thousands of farmers are hitting the streets to fight reforms they believe will negatively affect their welfare. The Indian Prime Minister Narendra Modi insisted that his reforms are meant to be for the farmer’s benefit.

At the gathering of the Federation of Indian Chambers, the Prime Minister spoke out that the reforms are there to help bring in more investment and benefit farmers, today. The PM insists that his reforms will only prosper farmers by ensuring they work with those outside of the public sector.

The farmers are speaking up against the Government because entering the private sector will mean that their products will not be bought at the price they expect. Before the changes, the Government bought the agricultural goods at set prices that farmers could depend on, but now they will have to rely on demand and supply.

Thirty farmer unions are marching to cry out against the Government reforms. The unions were not consulted when the new policies were put in place.

The farmers do not want to lose earnings. The discussions with farmers and officials did not result in any mutually benefitting agreement. Indian farmers may have to consider innovation to ensure their industry continues to thrive.

India farming

people near TAj Mahal

According to the India Brand Equity Foundation, around four billion dollars of agricultural commodities were exported between March and June 2020. The industry has experienced sharp increases between March and June periods and in 2019 they experienced almost a 25% increase.

Grapes are a famous Indian export. Between April – June 2020, around $45 million grapes were exported.

In dairy products, the country exported almost $40 million worth of the product in the same period. Bananas, Papaya, and Mangoes are often exported from India around the world.

Bitcoin the solution

three gold-colored bitcoins on black surface

Bitcoin is an excellent tool for trading around the world because it is a global digital currency that is not affected by a central force. Farmers can reduce costs by managing their purchases with Bitcoin payments which are speedy and cheaper as there are fewer costs in place as the currency operates a peer to peer system.

Bitcoin being peer to peer means that the money is directly transferred to whoever is meant to attain it. It is also helpful to invest in Bitcoin because of its consistent success.

The price only seems to go up and up and at the time of writing 11:30 GMT BTC is $18,438. The high value of Bitcoin makes it a useful store of value and keeps your money free from being contaminated by inflation, in the long run, you are more likely to end up with more money than you started with.

Farmers should jump on to Bitcoin because Indian banks such as ICIC, HDFC, and Yes Bank of India are doing business with some crypto exchanges and their customers.

Farmers can choose to wait patiently for the Government to side with them finally, or they can protect their current income by going to Bitcoin. Bitcoin is an effective strategy that more and more international businesses are finding attractive, not only is it a more secure approach as the money is transferred directly to the recipient, but it comes with lower costs.

Farmers can innovate their businesses, be more efficient when making cross border payments, and survive the volatility of demand and supply changes.

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