The idea of City-wide Digital Currencies, native to places has been discussed for quite a while. Although until now, no major progress has been made, the city of Calgary is about to change this. Calgary will become the first Canadian city to launch its very own local Digital Currency. The Calgary Digital Dollar (CDD) will be Calgary’s native Digital Currency and it will be used only in the city of Calgary.
This newly created local Cryptocurrency will operate along with the Federal Fiat Currency, the Canadian Dollar (CAD). Many people are already asking questions about the legal implications of such a financial endeavor. The launch of the Calgary Digital Dollar was officiated by Joe Ceci, the Alberta province Finance Minister. The forebearer of the Calgary Digital Dollar is the Calgary Dollar.
The Calgary Digital Dollar (CDD)
As the name suggests, this is a small initivative from the city council, small businesses, enterprises and nonprofits.The initiative was started back in 1996 and the first Calgary Dollars were used to aid local businesses ensuring that the money spend in the local economy, remained there. Currently operating Businesses in the city will be obliged to accept at least 10% of all payment in Calgary Digital Dollar.
The launch event had Ceci discuss the possibilities of local growth and their implications on the country. Ceci said:
“I actually prefer seeing things happen locally than nationally. I love to see people making money and watch them discuss mutually beneficial forms of barter and exchange. This financial innovation, has the full support of the Alberta government.”
It’s important to know that the Calgary Digital Dollar is not acquired or spend in the same manner as other Cryptocurrencies. The most used way to acquire CDDs is to take surveys and refer new users. Users can also acquire the Canadian Ddigital Dollar by bartering goods and services or trading on the official website or via the app. Users must pay for the service in Canadian dollars.
Afterwards, users are awarded a certain amount of CDDs. Currently the Canadian Digital Dollar can be used to pay for transit tickets, purchase groceries and other services. The idea is to fund the local community projects and accepts donations in Calgary Digital Dollars. License costs can also be paid in Calgary Dollars and soon with CDDs as well.
While these are still new and untested waters, more Local Digital Currencies are bound to show up in the near future. It’s up to governments and administrations to provide suitable conditions for this new form of Finance to prosper and grow.
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Tags:BlockchainBoostCalgaryCalgary Digital DollarCryptocurrencyDigitalDigital CurrencyEconomic ActivityEconomynative