A City in Canada has just Launched its own Digital Currency

A City in Canada has just Launched its own Digital Currency

digital currency

A recent report coming from Canada has made it known that a city in the country, Calgary has officially launched a digital equivalent of its local currency.
The digital currency which is expected to be used exclusively within the community is called the Calgary Digital Dollar.

The Calgary Digital Dollar

Calgary is a city located in the Alberta Province. The digital currency is expected to get spent along with the official national currency— Canadian Dollar (CAD).

The digital currency was officially launched by the province of Alberta financial minister, Joe Ceci. Through this, it is quite clear that the innovation has the full backing of the province’s government.

It has been reported that the Calgary Dollar is an initiative which was initially birthed in 1996. The local currency was created with the sole purpose of assisting small business enterprises within the city by ensuring that money remains in circulations. Since the currency can only be spent within Calgary, it simply means whatever that is generated in the local economy remains within the ecosystem. According to the report, “Businesses in the city are obliged to accept at least 10% of payment in the digital currency or as much as 100%.”

Ceci further explained this in a statement he made at the launch of the coin. There he made it known 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.” He continued by stating that: “[The Alberta government] supports the work of Calgary Dollars in every way.”

How to Earn Coins

It was also reported that unlike other popular cryptocurrencies that we are used, the Calgary Digital Dollar cannot be purchased or cashed out. The digital coin can be earned through taking surveys or referring new users.

According to the report: “The digital currency can also be obtained by posting ads aimed at selling, trading or bartering goods or services on the Calgary Dollars website or via an app and paying for the service using Canadian dollars.”

Through these actions, users become entitled to the digital currency reward. This reward can then be used for the payment of several goods and services within the city.