At the heart of Akon City is the Stellar-based akoin cryptocurrency. Akon aims for the coin to be used as a common method of payment allowing for easy exchange between Africa’s 54 countries so that citizens and entrepreneurs can engage in the digital economy with only a mobile phone.
The akoin cryptocurrency has its own wallet. It “allows users to trade amongst partnered cryptocurrencies internally … through a proprietary and private Atomic Swap technology that makes a direct transfer with all major cryptocurrencies, our partners’ alt currencies possible, without having to go through a major exchange,” the akoin website details
Akon said recently how the akoin cryptocurrency will empower Africans. Reiterating his stance that cryptocurrency “could be the saviour for Africa in many ways,” he emphasized that it will help them overcome key hurdles, such as high inflation, government mismanagement of funds, and corruption. Pointing out that many African fiat currencies suffer from rampant inflation, the singer noted that it is very difficult to exchange them into other currencies. For example, he said that when he traveled to his home country of Senegal, he was unable to exchange the West African CFAs into euros, which had led him to create his own cryptocurrency.
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