Following the rising trend of cryptocurrency and digital domination, Calgary, a city in Canada, has launched its own digital currency. This past year has been rough for crypto gurus and investors, who saw their stocks in decentralized, digital currency make a swift and sudden fall from the beginning of the year when cryptocurrency was at a sort of peak. Alternatively, the adoption and institutional support of cryptocurrency have seen a rise. While there are still plenty of regulations and other issues to handle, most people agree that the entire concept of cryptocurrency and blockchain should remain untainted by too much governmental involvement.
We’re still years away from embracing the idea of central bank digital currencies, however, the city of Calgary recently announced its own digital currency, referred to as the “Calgary Digital Dollar.” Located in the Canadian province of Alberta, Calgary is very friendly when it comes to digital currency, housing its own crypto mining facility, in Drumheller, which is hosted by Toronto’s Hut Eight, Canada’s largest cryptocurrency miner. In fact, the entire province is crypto savvy, with relaxed laws concerning digital assets and cryptocurrency. Moreover, Calgary’s new digital dollar will not replace Canada’s own official currency, the Fiat, but will, however, work in conjunction with that form of currency. The Calgary Digital Dollar has attained the full support of the Canadian provincial government, which is already planning ways to integrate the new currency and promote local economic growth.
Calgary’s new digital dollar is the rightful successor of the original “Calgary Dollar,” which has been used alongside the Fiat since 1996. Back then, the local currency was used to help create a chain of value for the local economy and sustain a controlled economic ecosystem. Today, the new Calgary Digital Dollar with a smartphone application, which displays local stores, shops, markets, and restaurants that accept this new digital currency.
