This City in Turkey is Creating its Own Cryptocurrency

In October this year, the city of Konya in Turkey will host the Smart Cities and Municipalities Congress and Exhibition. Unlike past exhibitions, this particular one marks a very important dawn for cryptocurrency and the entire blockchain fraternity. According to a report by Uzmancoin, the officials in the Turkish Municipality of Konya are working towards developing City Coin cryptocurrency that could make Konya the first city in the world to own a digital currency. 

In a January 16 local smart city congress in Ankara, Konya Metropolitan Mayor Uğur İbrahim Altay confirmed that the new currency is meant for tax collection and trading.

“We are working on whether we can create an ecosystem by giving our social aids especially with this, or can we trade with the companies of the municipal subsidiary. Perhaps we can create our own ecosystem if we can get the taxes collected by the municipality with these coins in the future,” said Altay.

If successful, City Coin will be a big achievement in continued efforts to transform Turkey using blockchain technology. The country has over the past few years focused on crypto space especially after the 2018 currency crisis that saw the Turkish lira drop in value against the dollar.

These efforts are backed by Blockchain Turkey Platform and BlockchainIST, a blockchain center funded by a university in Istanbul which recently announced plans to “develop next-gen blockchain projects on Cornell Professor Emin Gün Sirer’s Ava Platform.”

Turkey Becoming Crypto Hub

Seeing the positive developments in Turkey, top global exchanges have fixed their eyes on the country with some of them including Huobi and Binance setting offices in the country.

Turkey is however not the only country aiming to own a state-backed cryptocurrency. The next few years will witness great development in state-backed cryptocurrencies. China, for example, plans to release its cryptocurrency that according to reports will do 220,000 transactions per second. The US also confirmed in November last year its plans to digitize its own dollar.

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Author: Simon Njenga

Crypto analyst and Author

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