The new digital currency is known as the Calgary Digital Dollar and it will be used only in the city of Calgary in the Alberta Province. The digital currency will operate alongside the federal currency. The launch was initiated by the finance minister of Alberta, Joe Ceci.
Issuing a digital currency is actually an initiative of the city itself but also from small business, enterprises and non-profit organizations. Now, businesses in the city are required to accept 10 % at least of the payment in digital currency.
Joe Ceci expressed his hopes that the digital currency will boost local businesses by saying:
“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 Calgary Digital Dollar can’t be cashed out or purchased as regular cryptocurrencies instead users can earn it by taking surveys or referring new users. The Calgary Digital Dollar can be obtained by posting ads on the Calgary Dollar website or via an app. This way users will get the digital currency as a reward which can later be used as a way to pay for your bus ticket, groceries, and other services.
This isn’t the first initiative in the world. Earlier this year in South Africa’s Orania community a similar digital currency was launched known as the E-Ora which is pegged to the South African Rand. The digital currency is issued by the Orania Chamber of Commerce.
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