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Canadian city of Calgary launches local cryptocurrency

According to Canadian Global News the city of Calgary will launch a state cryptocurrency, the first in the country.

The announcement came by way of Joe Ceci, the Finance Minister of the province of Alberta, who inaugurated the digital currency with a demonstrative purchase of a cup of coffee. The coin, called Calgary dollars, is an attempt to increase small business activity and build economic relationships locally.

The digital currency goes against the grain of most crypto, in that rather than freeing currency from national borders, the Calgary dollar is a way to keep value local. Businesses can opt in on how much to receive in the currency, and locals use the tokens through a smartphone app. The app also functions as a classified listing, where residents can buy and sell items online.

While the Calgary dollar is certainly an attempt to jump on the blockchain bandwagon, it may act as a laboratory for crypto-empowered local currencies. Those who use the Calgary dollar can be sure that their money stays local, which may prove an attractive model for other municipalities in Canada and beyond.

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