Konya, Turkey’s most popular city, plans to introduce its cryptocurrency “City Coin”.
If the project proves to be successful, Konya will be one of the cities that have digital coins.
Ali Çıbıkdiken, head of Konya Science and Technology Valley, said, “The first thing his team did was to look for ways to use blockchain technology for funding social programs.”
The project is aimed at helping Konya, which is famous for its rich history, to develop its cryptocurrency-powered ecosystem.
“The city is looking for ways to develop a “City Coin” and create a blockchain-based financial ecosystem around it,” said Konya Mayor Uğur Altay.
The city plans to introduce its digital assets within a year.
“The cryptocurrency we are currently developing will be used in social aid programs, municipal corporations’ activities, public transport, and environmental services. This blockchain-based local ecosystem will serve the Konya citizens. The project will also see the development of a payment system to enable crypto in many municipal services,” Çıbıkdiken said.
The city has several smart projects, ranging from a payment system to use of credit cards in public transportation.
Last year, the Turkish government announced its plan to issue a state-backed digital currency, as part of its plan to boost the local economy.