City Coin: Konya city to release its own crypto project

Konya’s mayor Uğur İbrahim Altay wants Konya to release its own digital currency in the form of the ‘City Coin project.’

City Coin project.

Ugur revealed that the City Coin project was already initiated, and the first steps were already being taken for the crypto project. The Smart Cities and Municipalities Congress and Exhibition would be held in Konya in October this year. Reportedly, the city has major announcements to make regarding its blockchain development. As per the reports, the city’s mayor has already planted the seeds of the project.

Depending on the pace of development and the success of the project, Konya might become the world’s first and only city to have its own City Coin. The function of the asset would be to allow the city’s administrative department as well as other sectors to do their duties. The coin would also allow the regulators to ensure a more efficient tax collection.

Details for the project can be expected in October during the exhibition as currently, little light has been shed on the core of the project. Turkey has taken a highly pro-blockchain stance and is attempting to drive blockchain adoption as much as it can. The nation is looking to employ blockchain technology for public services as well as transport management.

Previously the news of Turkish Digital Lira took the crypto industry by storm. Soon after, the nation’s President, Tayyip Erdoğan, directed that the project should be launched in 2020. Seeing as both Facebook’s Libra and People’s Bank of China are going nowhere with their projects, Turkey might win the race to launch a central bank digital currency.

Featured image by pixabay.