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Konya City in Turkey to Release its Own Digital Currency Later in the Year

Konya’s mayor Ugur Ibrahim Altay recently announced that the first steps were being taken on its forthcoming ‘City Coin’ cryptocurrency project.

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The Reality of Konya Smart City

The Smart Cities and Municipalities Congress and Exhibition will be held in October 2020 in Konya, and there are plans for a major blockchain-related announcement.

According to BeInCrypto’s Turkish branch, Konya’s mayor Ugur Ibrahim Altay plans to set into motion the beginnings of the ‘City Coin’ project.

If successful, it would mean that Konya would be among the only cities in the world with its own cryptocurrency. The function of the cryptocurrency would allow the municipality to more easily do its duties. It would also be used to more efficiently collect sales tax.

Details on Konya’s ‘City Coin’ are sparse, however, and we can expect more details at the conference in October. The long-term goal is to make Konya have its own, inclusive cryptocurrency-related ecosystem.

Turkey in the Spotlight as a Digital Economy

Turkey has been pushing blockchain technology very aggressively, especially since last year. For example, it was reported in July of last year that the government was actively working on releasing its own ‘digital money’ backed by its central bank.

It was part of the government’s most-recent 11th Development Plan which also seeks to make Istanbul into a global mega-city for finance. It’s unclear whether or not Konya’s ‘City Coin’ will be incorporated into this plan, but it seems likely.

The Growing List of Digital Cities

Other cities and states are also looking to release their own state-backed cryptocurrencies for the first time. China is set to shake-up the world economy the most with its ‘DCEP cryptocurrency which is said to have a transaction-per-second of 220,000. The United States also has plans to digitize its own dollar which it confirmed in November of last year.

So, although Konya will among the first cities to support a native blockchain-based cryptocurrency, it won’t be the last. The next few years will see the competition heat up on the world stage as the ‘arms race’ among state-backed stablecoins kicks off.

The Konya City

Konya is a major city in south-western edge of the Central Anatolian Plateau and is the seventh-most-populous city in Turkey with a metropolitan population of over 2.1 million. Konya is an economically and industrially developed city and the capital of Konya Province.

The Konya region has been inhabited since the 3rd millennium BC. Known as Iconium during classical antiquity, the city was ruled successively by the Phrygian, Persian, Hellenistic and Roman civilizations.

In the 11th century the Seljuk Turks conquered the area from the Byzantines, and Konya then became the capital of the Sultanate of Rum. Under the Seljuks, the city reached the height of its wealth and influence.

Following the demise of Rum, Konya came under the rule of the Karamanids, before being taken over by the Ottoman Empire in the 15th century. After the Turkish War of Independence the city became part of the modern Republic of Turkey.

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