Farmgate Auctions featured in the Australian Financial Review. 

In a landmark transaction for the Australian economy, one that points to the arrival of accessible agricultural payments technology, a NSW cattle auction was settled by two farmers using a digital version of the Australian dollar backed by the Reserve Bank.

The dynamics could disrupt the broking and sales processes for soft commodities, including livestock, underlining the potential benefits to the rural sector from a central bank digital currency.

FarmGate Auctions Chairman Richard Norton says“Data is becoming extremely valuable to farmers. For buyers, instead of buying an animal with a black coat on it, they are buying one that has traits that will suit them and their customers, as well as data on the production systems – for example, verifiable carbon programs, environmental credentials and animal welfare programs.”

Read more on this story on AFR: HERE.