The famous Senegalese-American rapper and philanthropist Akon speaking for TMZ said that cryptocurrencies will help Africa in many ways fighting the obstacles fiat currency has created there.
He pointed out that many African fiat currencies suffer from rampant inflation and that it is very difficult to exchange them into other currencies.
As cryptocurrencies are getting more recognition, Akon is actually building the futuristic city “Akon City” in the heart of which is centred the Stellar-based akoin cryptocurrency. Akon aims for the coin to be used as a standard method of payment, allowing for easy exchange between Africa’s 54 countries so that citizens and entrepreneurs can engage in the digital economy way easier.
“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”, says in the Akon’s website.
Moreover, “Akon City“ will be entirely running on the akoin cryptocurrency. And it will have a hospital with more than 5000 beds. Besides the hospital, the first phase of construction includes homes, hotels, schools, police and fire stations, an airstrip, a mall, a waste facility, a solar power plant, and all the other hallmarks of modern-day cities. Akon says that the city is at 85% complete and the whole project will be completed in 2029.