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Canada and its famous city of Calgary have long been an important supporter of cryptocurrencies. With relatively relaxed sets of laws and regulations regarding the budding encrypted markets and the blockchain industry, Calgary presents itself as a de facto Canadian safe haven for cryptocurrency enthusiasts.
But in what is potentially its most bullish news to date, Calgary has announced its intention to launch its cryptocurrency in an effort to strengthen the local economic sector within its borders.
The currency must be known under the name "Calgary Digital Dollar" and will only be used within the City of Calgary in the province of Alberta in Canada. According to press releases from the city's finance minister, the currency will not replace, but will be used in conjunction with the Canadian dollar (CAD). The project is directed by Joe Ceci, the finance minister for the province of Alberta.
The objective of the new currency is to stimulate local economic commitment through incentives through the use of digital currencies. Local companies will be allowed to accept up to 100% of the payment for their product or service in the form of a digital Calgary Dollar, but will be obliged to accept at least 10% of the currency.
Local business and blockchain
Finance Minister Ceci emphasized his confidence in the importance of digital currencies during the official launch at the start of this year. He stressed that the new system will encourage barter and the trade system on which local economies constantly thrive.
Because of his faith in the system, he spoke on behalf of the entire Alberta government, saying that "support the work" of the Calgary Dollar "anyway".
Local companies will be able to access a whole new group of potential customers through the use of the Calgary Dollar website. When citizens use the currency to pay for specific things in the local economy of Calgary, are rewarded with additional prizes in the form of the same currency, which can then be used to pay for things like transit tickets and food purchases.
A continuous trend
Calgary is not the first city to try such an experiment. A South African community known as Orania has integrated its cryptocurrency in July of this year. The digital currency is called E-Ora and is issued by the Chamber of Commerce of Orania to be used exclusively by people of the small community of 1,600 people.
The E-Now was largely effective, as some sources reported a decrease in transaction fees and transaction difficulties within the community for its users. Going forward, the city of Calgary hopes to gain access to some of these benefits.
With currency development, proponents of this new system are hoping to drive greater involvement in the growing local economy, giving users and businesses in Calgary another way to interact in a growing and expanding economic scene. of Canada.
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