Major Turkish city to introduce its own cryptocurrency for settling everyday transactions

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Konya's digital currency may be used to collect sales tax more efficiently.

Konya could become one of the only cities in the world to have its own digital currency, if the project is successful.

The digital coin could be used for collecting sales tax in a more efficient manner.

In July 2019, the nation's government said it was planning to launch its own form of "Digital money," which would be backed by the Turkish reserve bank.

The development of Turkey's digital currency is reportedly a part of the government's 11th Development Plan which aims to turn Istanbul into a multinational mega-city for finance.

Digital dollar plans announced by former CFTC chairman Giancarlo.

Christopher Giancarlo, an attorney and former business executive who previously served as the chairman of the US Commodity Futures Trading Commission, is leading the digital dollar project to create a virtual currency that will be fully backed by the American government.

While attending the Crypto Finance Conference on January 16, Giancarlo remarked: "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."

" would not be a stablecoin, it would actually be a digital dollar.

We're proposing a third form of the dollar, a digital dollar.

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