A Colombian company that exports beetles to Japan has launched its own cryptocurrency (virtual currency) to avoid the fees it pays on overseas sales, and it is being used locally.
The company is Tierra Viva, located in Tunja, near the Andes Mountains. It exports Hercules longhorned beetles and Neptonus longhorned beetles, which are popular in Japan, and a pair can fetch up to $300 (about 34,000 yen). However, because the sales commission is up to 10% of the export price, the company developed its own virtual currency in 2019.
The currency, called Kmushicoin, is named after the Japanese word for beetle, and is now used to make payments at around 220 shops in Tun Ha, including restaurants, clothing shops and cafes. When it was launched, the price was 0.3 cents per unit, but as of the 2nd it was trading at $1.84.
Carmelo Campos, a programmer at Tierra Viva, said: “Our goal is to be able to use it as a payment method on a national level”.