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It is no secret that the Canadian city of Calgary has an affinity with cryptocurrencies. Thanks to its relaxed rules on crypto and blockchain ecosystems, it has long been a reference destination for companies in the sector and is now trying to consolidate its position by kicking things up. Calgary is preparing to launch her cryptocurrency.
The "Calgary Digital Dollar" will be made available within the city limits. It is not designed to replace the Canadian dollar, but instead to be used in tandem with the country's national currency. Ideally, the cryptocurrency will give the local economy a certain amount of energy.
The companies in the area will be able to accept up to 100% of the payment for their goods or services in the Digital Dollar of Calgary. They will not be able to give up the initiative, with a mandatory minimum requirement of 10% of the payment that can be paid in the digital currency.
Alberta, the Canadian finance minister, Joe Ceci, says the crypt will play an important role in the future of the currency and that the new Calgary offer will serve as a stimulus to strengthen a trade and trading system that is vital for local economies. Speaking on behalf of the Alberta government, he added that officials "support the work" of the Calgary digital dollar "anyway".
The introduction of digital money could prove to be a vital proof of how the crypt can easily be integrated into a local economy. When citizens use cryptography to pay for certain goods or services, they will receive Calgary digital dollars as a reward. These can then be used to pay for future purchases, which will expand the infrastructure until the digital currency is spread throughout the city. It is not different from how a national currency was introduced.
A community in South Africa, Orania, introduced its crypt last July. E-Ora is released from the Orania Chamber of Commerce and is only available for those living in the community. Reportedly, this project was very successful. Transaction costs, as well as the degree of difficulty in the use of the digital currency, have declined significantly and the same is expected with the new Calgary project.
