Last Friday, December 7, a city in Canada – Calgary officially unveiled The Calgary Digital Dollar. Presented by Joe Ceci, the Finance minister of Alberta, and now Calgary is the first city in Canada with their own cryptocurrency.
Meant to help and promote local businesses
The Calgary Dollars are meant to be a part of a new effort to help, promote and build better relationships with small businesses and non-profit organizations in Calgary. Shops and restaurants can list themselves within a smartphone application. That way they are participating in the program. Companies can choose the amount of Calgary Dollars they are willing to receive for their services. It can vary from 10-100% of the cost, which is a very cool feature. Also, there are multiple benefits for small businesses that participate in the program. For example, business owners can pay half of their business license in Calgary with Calgary Digital Dollars. “Every dollar spent locally goes a lot farther in our community than spending it at businesses, sending it outside,” said Solita Work, the owner of Reworks, a shop which specializes in one-of-a-kind objects made from all kinds of stuff.
More educated users
One of the benefits of such a program is that people are educating themselves by using this app and currency. It powers the local business ecosystem, and people are learning how cryptocurrencies work at the same time. “Every dollar spent locally goes a lot farther in our community than spending it at businesses, sending it outside,” commented Solita.
Also, people can donate the Calgary Dollar to many non-profit groups such as the Calgary Housing Company, the Sharp Foundation, Norfolk Housing, Inn from the Cold, and CUPS. What is interesting – you can also buy Calgary transit tickets with the cryptocurrency.
The world is slowly conceding
Today it feels like every day comes with a new country law which allows people to operate even more with cryptocurrencies. This news is particularly useful, as people will start learning and most importantly – using the new phenomena of blockchain and cryptocurrencies. Could this be the future of crypto? Every city having their own domestic token or coin with which the residents can operate. Consequently, there should be a global currency as well.
Moreover, this is where Bitcoin comes in. Bitcoin and its off-chain solutions. A future where your money doesn’t lose value after a year or two. A future of transparent transactions and accounted cash flows. How cool would be that?