American rapper, composer and music producer Akon intends to release the Akoin cryptocurrency to help the people of Africa. “I think blockchain and cryptocurrency can help Africa in many ways because it puts power back into the hands of the people, it makes the currency system secure, and it also allows people to develop,” the singer said.
The singer has recently been spending a lot of time in Africa, working on developing the infrastructure of poor regions. In 2014, he founded a solar energy charity to provide electricity to more than 600 million people in rural Africa.
Now he is going to build the crypto-city of Wakanda in Senegal, where the economy will be built on the AKoin cryptocurrency, which is intended to become the currency of countries destabilized by inflation or corrupt government, and the blockchain “will help prevent crime and allow users to control their own economy and their destiny.”
The Chairman of the Blockchain Association of Kenya, Michael Kimani, considers Akoin to be “empty hopes”, and Ryan Scott, the founding partner of the AKoin coin, calls the project “an app store for African entrepreneurship.” We have yet to see how successful the project will be.
It is assumed that only businesses working on the platform will pay for transactions, and users will not be charged transaction fees. Akoin will provide residents with the ability to passively earn and spend coins, which is currently in talks with merchants.
Although work on the Crete City has not yet begun, Akon says he is glad the builders are taking their time: “Dubai faces the same problem, if you build a city too quickly, it causes unnecessary rush and waste.” The singer also said that his crypto city “will have its own bankers, financial advisors, business managers and hedge fund managers, and they will all be part of an ecosystem designed to overcome poverty.”
According to cryptoglobe.com
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