Calgary, a city in the province of Alberta, Canada has recently announced that it will use its own cryptocurrency. Global News which is the most important media in Canada, has reported on December 7 that Calgary Dollar owners can use this crypto to pay for services and purchases from local stores from now on. Therefore, it was launched with the presence of Joe Ceci, finance minister in the province of Alberta.
History of Calgary Dollar
According to the Huffington Post, Canada has started Calgary Dollar since 1996. Locals and merchants were able to do their transactions both by Canadian Dollar (CAD) and Calgary Dollar. Now, in 2018, Calgary Dollar is offered in crypto form, and people can use it via specific programs.
Calgary is the first city in Canada offered its own currency. According to global news reports, Alberta government has welcomed this innovation. The authorities expect that Calgary Dollar can support small businesses besides maintaining capitals in the city. Calgary Dollar works on, and you can see which restaurants or stores are participating in this plan through this program. The citizens can buy, go to a restaurant or even purchase inner transport tickets through this currency
How can this crypto be provided?
This cryptocurrency cannot be bought or sold like Bitcoin, and some specific programs which are locally useable should be applied for doing transactions. One method to supply this currency is to post goods and service advertisements that the users wish to sell in this program. You can receive some amount of money in cryptocurrency by posting some advertisements. Each Calgary digital dollar equals a value of a CAD. The users pay tax for each Calgary cryptocurrency, and its financial system is similar to CAD.
Moreover, suggesting this currency system to your friends causes an increase in your account. For instance, Victoria Park in which various cultural events are held, pay some money back to the shopkeepers who use this cryptocurrency. Local entrepreneurs can also pay up to half of their business licenses via Calgary Dollar.
What are the benefits behind using cryptocurrency?
As reported by Cointelegraph, many countries are seeking to create local cryptocurrencies. For example, in Mongolia, the biggest mobile telecom operator is programming on a cryptocurrency called “Candy”, so is it in Dubai for people in their purchases. It is carried out with the collaboration of the government and a Blockchain-based payment provider. In Thailand, the banks have a plan to establish a central bank according to cryptocurrency which employs R3 platform Blockchain Consortium, i.e., Corda.
In a cryptocurrency introduction lecture by Joe Ceci, he remarked that he believed this cryptocurrency can bloom Local business. He told that he wouldn’t get annoyed when he saw some events taking place locally, and people had some income from it. Alberta government completely supports this project.
“Bioregionalism” is another issue that has intrigued governments to use a local cryptocurrency. Bioregionalism helps aboriginals to hold on domestic products and consequently reach self-sufficiency; Calgary Dollar can somehow empower bioregionalism.
Using local cryptocurrency not only causes blossom in small businesses, but it is also in favor of citizens. Sellers can find new customers through Calgary Dollar Website. When the customers use this currency, they will get a reward, though in local cryptocurrency form, so they are encouraged to buy and sell by this method too. All in all, patience is necessary to see the future effect of this project on Calgary local economy and how much it will become common among people.