Stable currency issued by the central bank in Turkey's development plan

The mayor of Turkey’s Konya city announced that the town will soon have its own cryptocurrency. Ugur Ibrahim Altay mentioned that details about the initiative will be presented at the Smart Cities and Municipalities Congress and Exhibition. This event will be held in October 2020 in Konya.

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1 Stable currency issued by the central bank

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According to CryptoSlate sources, the first stages of the “city coin” project have already been completed. The city token would allow the municipality to more easily perform its routine tasks and obligations. For example, digital currency can be used to collect sales tax more efficiently.

Konya is the seventh largest population in Turkey and is located in the Anatolia region.

Turkey has the largest share of cryptocurrency users in the world, due in large part to the currency crisis it faces.

Stable currency issued by the central bank

Turkish authorities have been actively involved in supporting the development of blockchain projects. In July 2019, the nation’s government said it intends to launch its own “digital money” form. This is a stable currency issued by the central bank (CBDC) as part of efforts to revitalize the country’s economy.

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It seems that the development of Turkey’s digital currency is part of the 11th Government Development Plan. One of the goals is to transform Istanbul into a multinational mega-city for the financial industry. At present, it is unclear whether the “city coin” announced by the mayor of Konya will be part of this plan.

In April 2020, Istanbul will host the first major event dedicated to blockchain technology. The event called IstanBlock 2020 will take place on April 9-10, 2020.