Konya Set to Announce Its Own Cryptocurrency This Year 

Reports have surfaced today that Turkey has made confirmation that the first steps on the path to launching its own cryptocurrency are well underway. The news was confirmed by the Mayor of Konya, Ugur Ibrahim Altay.

The so-called ‘city coin’ initiative is to be officially announced during the Smart Cities and Municipalities Congress and Exhibition later this year in October in the aforementioned city. At the same time, a bit blockchain effort is to be revealed at the event.

Whereas some countries across the globe are attempting to make their own, nationwide, digital currencies, Konya’s token would seemingly only be able to be used in the city itself if reports are anything to go on. As per CryptoSlate:

“The city’s own virtual token would allow the municipality to more easily perform its routine tasks and obligations. For example, the digital coin could be used for collecting sales tax in a more efficient manner. At present, specific details regarding Konya’s “city coin” project have not been shared publicly.”

An attorney and ex-business exec who previously served as the chairman of the United States Commodity Futures Trading Commission, Christopher Giancarlo said the following earlier this week:

“The digitization of the US dollar. The creation of a US dollar digital currency that would enjoy the full faith and credit of the US government, that would be minted by the US government, by the federal reserve, and distributed through the traditional banking system.” he goes onto say that the digital dollar “would not be a stablecoin, it would actually be a digital dollar. Right now, the dollar comes in two different forms, comes in coin, comes in paper. We’re proposing a third form of the dollar, a digital dollar.”

It will be interesting to see how this coin plays out. For more news on this and other crypto updates, keep it with CryptoDaily!