Akoin, A Cryptocurrency Created by Singer Akon Set to Ease Senegal’s Financial Systems

The singer Akon is one of the philanthropists with the development of the African continent at heart. The US-Senegalese star recently announced plans to create a virtual currency and a futuristic city to promote access to financial systems by the people of Senegal and Africa. Zoom on this huge project and what it could mean for the financial development of the country.

 

Singer Akon wants to help Senegal

The singer Akon, known for singing Smack That and Lonely, has been working for several years to promote Africa and Senegal in particular. In 2014, the artist launched Akon Lightning Africa, which provides solar power in the most remote areas of Africa. Building on this successful project, Akon now wants to bring financial solutions to the continent, including the use of cryptocurrencies. If Africa is moving towards more banking integration , the network is still too small, with entire regions not having access to these systems.

Star Akon has been working for several years to improve Africa’s infrastructure. Source: US Embassy Nairobi via Flickr (CC BY 2.0)

 

Cryptocurrency and a financial ecosystem

As the information sites on altcoins like Coinlist remind us  : crypto-currencies are invading Africa. Bitcoin, Ethereum, Dash: all have understood the interest of proposing financial solutions in regions where banks are not present. It is also the project of Akon and his “Akoins”.

For the singer, “Blockchain and crypto can be saviors for Africa. [This] brings security to the monetary system, while allowing people to use it to move forward, not to allow a government to develop an economy that leaves them on the edge of the road. “

We do not know for the moment any more about the type of token (part) developed, nor about the architecture set up to work, but the goal is to create a real ecosystem of payment.

 

A futuristic city under construction?

But that’s not all. To support the development of cryptocurrency in Senegal, Akon also wants to build a futuristic city, thanks to a development zone graciously ceded by the government. 800 hectares would be dedicated to this project, with exclusive use of the Akoin within the city. The goal ? Create a smart city that brings together the latest blockchain technologies in one place. Akon wants to create a “real Wakanda”, a reference to the fictional and ultramodern fictional country in which the heroes of the movie Black Panther live.

 

The Akoin project will develop in several parts: first a cryptocurrency with a mobile application. Then, a futuristic city that will support this technology of micro-exchanges to bring real financial stability to the region. The date of the ICO (Initial Coin Offering, a fundraiser for virtual currency) is not yet known, but it should be unveiled in the coming months. Case to follow!

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