Calgary has made history by becoming the very first city in Canada to launch a cryptocurrency mirroring its own native currency. The cryptocurrency, referred to as the Calgary Digital Dollar, will be in use only in the city which is in the Alberta Province. The new digital currency will be used without any inconvenience to the nation’s local currency, the Canadian Dollar.
The Global News initially made the report, and it featured the event for the launch of the Calgary Digital Dollar in which the Alberta Province’s Finance Minister, Joe Ceci, presided over.
Benefits of the Calgary Cryptocurrency
The Calgary Dollar, Calgary’s local currency before the emergence of the Calgary Digital Dollar, was created by the city, its nonprofit organizations, and small businesses. It was made available in 1996 and has been implemented in the aiding of local Calgary businesses by making sure that what is generated in Calgary’s small economy remains within Calgary’s small economy. With the introduction of the local cryptocurrency, the firms in the city are now under obligation to accept at least one-tenth of payment in the cryptocurrency or as much as the total payment.
The Finance Minister, Joe Ceci, indicated that he expected the newly launched digital currency to continue improving local businesses. He said that;
“I don’t mind seeing things happen locally and people making money. It’s a lot of fun to meet people and barter and exchange. [The Alberta government] supports the work of Calgary Dollars in every way.”
The purchase and liquidation to fiat currency of the Calgary Digital Dollar do not take place like the way it is done with cryptocurrencies like bitcoin. A way of earning the cryptocurrency is by taking surveys or by referrals. Another method which can be utilized to earn the cryptocurrency is by publishing advertisements that accomplish the sale, trade or barter of commodities or services on the Calgary Dollars website or through an app and making payment for the services using the country’s local currency, the Canadian Dollar.
One can then earn a particular quantity of the cryptocurrency as a reward. The cryptocurrency can then be utilized in making payments for commodities like groceries, services like transportation and several other goods and services. The digital currency can also be donated to the Take Action Grants which helps in funding projects in the community.
Is Calgary Digital Dollar a Carbon Copy?
Calgary’s digital currency can be likened to another cryptocurrency referred to as the E-Ora, tested this year by the Orania community in South Africa. The cryptocurrency is pegged to the Southern African nation’s local currency, the Rand and was issued by the community’s Chamber of Commerce just like the currency before it, the Ora. Just like the Calgary Digital Dollar, it is meant to be used only in Orania, a town with a population of about 1,600. The E-Ora also has some advantages which include the reduction of the cost of transactions. Basically, about 3-5% is saved in each transaction where the E-Ora is being used. The decrease in cost is facilitated by the fact that cryptocurrency allows for a peer-to-peer transaction with the elimination of the middlemen; the banks.