Canadian City to Launch its Own Cryptocurrency to Empower Local Businesses

Dec 11, 2018 at 20:47

The city of Calgary in Canada is set to launch its own state-sponsored cryptocurrency, the first region that will do such feat in the country.

According to reports from the Canadian Global News, Alberta province’s finance minister Joe Ceci inaugurated the digital currency with a demonstration of its use by purchasing a cup of coffee.

Notably, the coin that will be called Calgary dollars, is aimed to increase small business activity as well as develop local economic relationships locally.

However, the currency is intended to have its use only inside Calgary as businesses can choose how much to receive in the said currency while locals use the tokens through a smartphone app that also serves as a classified listing, where residents can buy and sell items online.

The Calgary dollar is seen to be a testing bed for Canada’s country-wide stance on cryptocurrencies in empowering local businesses with digital currencies. It is also expected to be a proving ground whether the use of cryptocurrencies will become more prevalent.

Last October, New Brunswick’s Financial and Consumer Services Commission (FCSC) in Canada has intensified its program to educate the investing public on online trade, particularly on initial coin offerings and cryptocurrencies.

“ICOs, cryptocurrencies and other digital assets are emerging investment products. However, they are extremely risky and can be fertile ground for fraud,” Erin King, FCSC’s senior education and website officer, recently said.