Turkish City Konya to Launch Its Own Cryptocurrency

Konya, Turkey’s seventh-most-populous city, has been preparing to launch its native cryptocurrency. How will the digital currency be used?

January 19, 2020, | AtoZ Markets – Konya, a city in the Central Anatolia region of Turkey, is taking progressive steps towards issuing its native cryptocurrency. The mayor of the city Uğur İbrahim Altay has confirmed the city’s intent to launch its own cryptocurrency named the “City Coin.”

How will Konya cryptocurrency be used?

Konya could become one of the only cities in the world to have its own cryptocurrency if the project is successful. The project’s long-term goal is to help Konya develop its own cryptocurrency-focused ecosystem. However, details regarding the city coin initiative will be announced during the Smart Cities and Municipalities Congress and Exhibition. This event will take place in October 2020 in Konya.

Furthermore, the proposed City Coin will make the Konya Municipality perform several roles. With the crypto asset in place, the municipality will carry out its routine obligations and tasks with much ease. There are several areas in which the digital coin could be used. Collecting tax will be one of the areas that will be simplified by the new crypto token.

However, local sources said that more information regarding the Konya cryptocurrency will be shared at the upcoming conference.

Rapper Akon gets approval for crypto city in Senegal

In another development, Senegal could have a crypto-powered settlement soon. Akon, the Grammy-winning recording rapper, and businessman has finalized an agreement to build a cryptocurrency city in Senegal.

The imagined new city, named Akon City, is being planned from the ground up on an economy that utilizes the cryptocurrency Akoin. According to a tweet, the rapper had received a green light from Senegal officials to move forward on the project.

In addition to cryptocurrency, Akon City will reportedly be the first city to run entirely on renewable energy. Akon has envisioned it to be a real-life version of the fictional nation Wakanda from Marvel’s Black Panther series. Moreover, this project will be built on a 2,000-acre plot of land gifted to Akon by the Senegalese president Macky Sall.

It is worthy of note that ever since President Xi Jinping gave his endorsement of blockchain technology in October last year, blockchain patents and applications across the country have skyrocketed in number. Sources have forecasted that China’s cryptocurrency could launch this year.

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