Turkish City Konya Is All Set To Launch Its Own Cryptocurrency

Turkish City Konya Is All Set To Launch Its Own Cryptocurrency

Cryptocurrency News
January 17, 2020 Editor's Desk
2425
The Smart Cities and Municipalities Congress and Exhibition will be conducted in October 2020 in Konya, and there are ideas for notable blockchain-related news. According to reports, Konya’s mayor ‘Uğur İbrahim Altay’ plans to set into action the beginnings of the ‘City Coin’ project. BeInCrypto’s Turkish branch first published the story. If prosperous, it would
Konya

The Smart Cities and Municipalities Congress and Exhibition will be conducted in October 2020 in Konya, and there are ideas for notable blockchain-related news. According to reports, Konya’s mayor ‘Uğur İbrahim Altay’ plans to set into action the beginnings of the ‘City Coin’ project. BeInCrypto’s Turkish branch first published the story.

If prosperous, it would indicate that Konya would be amongst the only cities in the world with its cryptocurrency. The function of the cryptocurrency would enable the municipality to do its duties more efficiently. It would also be utilized to accumulate sales tax more efficiently.

Articles on Konya’s ‘City Coin’ are inadequate, though, and we can expect more data at the conference in October. The long-term aim is to make Konya have its comprehensive cryptocurrency-related ecosystem.

Turkey has been promoting blockchain technology very aggressively, particularly since last year. For instance, BeInCrypto published in July of last year that the government was actively serving on issuing its own ‘digital money’ supported by its central bank.

It was part of the government’s most current 11th Development Plan, which also endeavors to transform Istanbul into a global mega-city for finance. It’s uncertain whether or not Konya’s ‘City Coin’ will be included in this plan, but it appears likely.

Other cities and states are also contemplating to release their state-backed cryptos for the first time. China is ready to shake-up the world economy the greatest with its ‘DCEP’ cryptocurrency, which is stated to have a transaction-per-second of 220,000. The United States also has aimed to digitize its dollar, which is validated in November of last year.

Therefore, although Konya will be amongst the first cities to launch a native blockchain-based cryptocurrency, it won’t be the only one. The next few years will witness the competition heat up the world surroundings as the ‘arms race’ among state-backed stablecoins kicks off.

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