Canada has its first approved cryptocurrency

For the first time ever Canadian financial regulators have approved the public sales of digital currency. This marks the first official endorsement of any sort of money created independently of the Canadian government or central banks.

This means that the Montreal-based impak Finance can go ahead with its public sale of its digital impak Coin money. Impak Finance has raised about $1.5 million CAD ahead of this launch, and the company hopes to raise up to$10 million from this first sale of cryptocurrency.

Paul Allard, CEO of impak Finance, told Reuters that the goal with this new currency is to reduce the power of big banks in determining how property rights are managed and money is created. “It is up to communities to decide how to manage a currency, it is not only for the government to device,” said Allard.

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