Calgary City Launches Local Digital Currency for Intracity Transactions

Digital Currency

Calgary, a city in the Canadian province of Alberta, has recently launched its own digital currency. The major Canadian media outlet Global News reported on Friday, Dec. 7 that the Calgary Dollar will allow holders to pay for services and goods at local shops.

According to  HuffPost Canada, the Calgary Dollar was initially launched in the year 1996, the citizens had access to the local currency along with the Canadian dollar and they could do business offering goods and services with it.Now in 2019 the citizens can download an app and store the digital currency on their devices.

Calgary has reportedly become the first city in Canada to launch its own coin. Alberta’s government supports the initiative, according to Global News. The officials now expect that the Calgary Dollar may be a  big support to all the small businesses and nonprofits by keeping funds within the city.

Calgary Dollars now work through a smartphone app that has a lists of shops and restaurants that participate in the program. Citizens can do various transactions through the app such as spend their Canadian Dollars to pay for lunch, buy inner transport tickets or make a donation to some of Calgary’s nonprofits.

The citizens can obtain the currency by posting ads for goods and services that users want to sell in the app or on project’s website for Calgary Dollars, from which they will be receiving a small amount of the digital currency in exchange for posting the ad. Recommending Calgary Dollars to a friend also brings profit to the people who are using the app. And it has also been said that, Victoria Park, an events and culture district of Calgary, is reportedly offering cash back to shoppers who are using the local digital currency.

Local entrepreneurs who are using the app, can pay up to half of their business licenses with Calgary Dollars. The major site Cointelegraph has also reported that many other countries are also considering launching local digital currencies.

Mongolia’s largest telecoms operator are going to issue an e-currency called as “Candy”. In Dubai the consumers will be using digital currency for goods, services and utilities after the partnership between the blockchain payment provider and government partnership.

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