Turkish city plans to launch its own digital currency!
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Answer Turkish city plans to launch its own digital currency!
Mr. Uğur İbrahim Altay, Mayor of Konya, Turkey, recently announced that the first steps have been taken regarding the city’s digital currency launch project.
The Smart Cities and Municipalities Conference and Exhibition will be held in October 2020 in Konya, and there are plans for a major announcement related to cryptocurrency.
According for reports Al-Ekhbariya Konya mayor plans to start the “City Currency” project.
If it succeeds, it means that Konya will be among the few cities in the world with its own cryptocurrency.
The functionality of the cryptocurrency allows the municipality to carry out its duties more easily.
The currency will also be used to collect sales tax more efficiently.
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Details about Konya’s “city currency” are few, and we can only expect more details in the coming days.
The long-term goal is to make Konya have its own comprehensive crypto ecosystem.
Turkey has embraced blockchain technology aggressively since last year.
In July last year, the Turkish government announced that it was actively working on launching its own digital currency backed by its central bank.
Turkey is working on creating a digital currency based on blockchain technology
The Turkish cryptocurrency project was part of the government’s latest eleventh development plan which also seeks to turn Istanbul into a mega global city for finance.
It is not clear whether Konya’s “city currency” will be included in this plan or not, but it seems likely that it will.
Other cities and countries are also looking to launch their state-backed cryptocurrencies for the first time.
China is set to rock the global economy the most with its cryptocurrency “Digital Yuan,” which is said to handle 220,000 transactions per second.
Therefore, although Konya will be among the first cities to support a digital currency built on the basis of a blockchain, it will not be the last.
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The next few years will see competition on the global stage around blockchain and cryptocurrency adoption.
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