Canadian Provincial Government to Launch New Cryptocurrency

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Canadian Provincial Government Declares to Launch Local Cryptocurrency

ForexMinute.com – Alberta, one of the strongest economies in Canada, chose April 1 to announce their interests in launching a digital currency. The report however has no regards to April-Fool, as the provincial government also declared to fund a whopping $325,000 to create Altacoin – the name they have given to the world’s second local cryptocurrency after Hullcoin.

As per the reports provided by Alberta Treasury Board and Finance, Altacoin, or “ATC”, will allow local residents to purchase and sell products by acting as an equivalent to the Canadian Dollar. But the new coin will only be liable to be used inside Albertan territory, and will hold no value outside the province. The government will launch Altacoin from June this year.

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Treasury’s spokesperson David Dullard also briefed media with the whole mechanism – from distribution to the taxation – under which Altacoin will be functioning. He said that the initial values of these digital coins will be set to 5 cents at first. Unlike any other digital currency out there, except Hullcoin, this currency will be operated via a government-owned exchange, which will also make sure to mine Altacoin using the safe and secure government servers.

The spokesperson also informed that they will issue a total of 4.6 trillion Altacoins, in which 25% will be held by the government. He also compared Altacoin to the much-hyped and the world’s leading digital currency Bitcoin. He ruled out the possibility of Altacoin to be volatile like Bitcoin and said that it will be “steady and boss provincial revenues to the tune of $3 billion per year.”

Regulation is The New Era of Digital Currencies
Government-backed digital currencies are simply aiming to eliminate the thing called “risk” from the markets. They are keeping the concept alive by simply adopting it. Launching local digital coins will simply garner people’s trust and will help them work as a community that doesn’t steal from the government.

As for Alberta Government, they are using the province’s Heritage Saving Trust Fund to sponsor Altacoins. We believe that no way could have been better than this to repay taxpayers. Experts believes that the Altacoin’s 5-cent worth will soon cross $1000, and its investment will evacuate the Alberta’s “bitumen bubble” by the year 2017.

We have high hopes from this venture, and believe it will inspire other governments too.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com