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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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
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“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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