Canadian city introducing cryptocurrency as part of small business drive

The Calgary Dollar is a new cryptocurrency, exclusively for use in and around the Calgary area…

Launching at the end of this week are Calgary Dollars, a brand new cryptocurrency being unveiled in, yep, the city of Calgary.

The Canadian city is to become the first in the country of Canada to have a cryptocurrency of its own, and it’s part of a new drive to help small businesses in the area. The Calgary Dollar was announced and formally introduced by local finance minister Joe Ceci, who said that the local government “supports the work of Calgary Dollars in every way”.

The currency works through a special app. On said app you find a list of outlets in the area that accept the currency, with a collection of ships and restaurants all taking part. Transactions at said outlets can be done in whole or in part using the cryptocurrency. And it works for the local small businesses too. They’ll be able to use the Calgary Dollars to pay for their business license to the local authority. For customers too, they’re able to sell their own bits and bobs via classified ads, and will be able to receive the currency for doing so.

The idea is that everything raised and everything spent using the Calgary Dollar will be spent in and around the local community, meaning dollars stay in the area. As such, lots of local companies are set to use the currency for an assortment of different things. It all launches officially this coming Friday.

Image: BigStock