Horned Beetle Breeder In Colombia Create Cryptocurrencies To Avoid Commission Cuts

JAKARTA - A Colombian exporter of the long-horned beetle, a popular pet for Japanese children, has created its own cryptocurrency to avoid high commissions on sales on international markets.

"It's an alternative to being able to export the beetles to Japan or other parts of the world and being able to use them as a payment method," said Carmelo Campos, chief programmer of Tierra Viva, based in the central Andean city of Tunja.

The company exports Hercules, Neptune and elephant beetle species that can cost up to $300 a pair in Tokyo. The sales commission, which can reach 10% of the export value, has motivated Tierra Viva to create currency.

Kmushicoin, named after the long-horned beetle Kabutomushi in Japanese, is accepted as payment by about 220 businesses in Tunja, including restaurants, clothing stores, cafes, and hardware stores.

"Tierra Viva uses a percentage of all its sales to buy back the coins," Campos said.

Kmushicoin was worth 0.30 cents when it was created in 2019. It is now trading at USD 1.84 on Tuesday, November 2.

"Our goal is to be able to use it as a payment method at the national level," Campos said. He also added that the electricity provider had asked if its customers could pay their bills with Kmushicoin.

The beetles, which can grow to the size of an adult hand and live up to 17 months, are fed leftover vegetables and fruit as larvae, which produce the fertilizer that Tierra Viva also sells.

This beetle has long been favored as a pet for Japanese children, as well as being a good luck charm for them.

"In total, including all stages of metamorphosis, we were able to have more than 50,000 beetles play a role in our operations," Tierra Viva founder German Viasus said as two beetles crawled across his shirt.