Bitcoin Daily: Jackson, TN Might Adopt Crypto Pay For City Employees; Turkey Looks At Legal Framework For Crypto

Jackson, Tennessee could be the newest city to accept crypto payments, a report from Yahoo says.

The city’s mayor, Scott Conger, said the city is looking into the matter and how to adopt such a thing.

The city has debuted a new blockchain task force and will be looking to see if it can allow city employees to receive their payments in bitcoin, using a dollar cost average basis.

Conger says he wants to give Jackson “an edge” by adopting more crypto-friendly policies, saying on Twitter that the dollar would be worth less due to inflation and bitcoin was the answer.

Conger is taking notes from Miami mayor Francis Suarez, who has said the Florida city plans to welcome bitcoin miners “with open arms.” That comes as China has been leveling new restrictions on crypto.

In addition, Suarez said he’s looking to lower energy prices in order to attract crypto miners. And he wants to put in place new enterprise zones, where bitcoin operations will enjoy lower tax rates.

The Turkish Ministry of Treasury and Finance has drafted a bill for a legal framework for crypto assets, a Cointelgraph report says.

Deputy Minister Şakir Ercan Gül said the bill’s intent would be to protect retail investors, stop money laundering and reinforce supervision for crypto exchanges.

Gül noted that Turkey has been using a free-floating exchange regime, where the value of its lira currency is set by the forex market. He said crypto assets needed to be regulated more strictly.

The new bill will define various crypto assets, and will designate the issuing and distribution of said crypto assets, trading policies and conditions of crypto custodial services.

Crypto asset companies will be overseen by the The Turkish Capital Markets Board (SPK). Meanwhile, the Banking Regulation and Supervision Agency (BDDK) will audit crypto players, the report says.