Akon disclosed in an interview with cointelegraph his intentions to create his own cryptocurrency – Akoin.
In the white paper shared, the cryptocurrency is meant to empower Africa economies. It describes Akoin as a real check for Africa Economy. Since Africa has the largest workforce, unlocking their potential using blockchain will be the best option.
The aim of the currency is to unify Africa diverse currencies and bring stability to unstable currencies. The whitepaper describes Akoins as utility tokens to trade between cryptocurrencies, fiat currencies and mobile phone credits on the Akoin network.
Speaking with an interviewer, Akon emphasized on the fact that mobile credits are being used as a currency in Africa. He said,
“We have so many currencies in Africa a lot of them are unstable, and most of them are untrusted. It got to a point where African don’t even use the currencies anymore, they’re using their cell phone credits as a way of trading.”
“We want to utilize this same mindset to take advantage of that mechanism outside of Africa so even when they leave the continent, they can be able to utilize all of their credits and be able to purchase real things,” said Akon.
The white paper also shows that Akoin will not have not than 10% on any exchange platform. Akoin will be an eco-currency with minimal trading issues.
Akon has begun preparations as he is about to build “Akoincity” on a 20000 acres of land given to him by Senegal government in Senegal. He is also planning to spread it across major African countries including South Africa, Nigeria and Kenya. He plans to launch Akoin on Stellar network and Dapp by BitMinutes on his Akoin network.
When this Akoin project is completed, it will be a blessing to Africans and others as it will make trading easy with just little charges anywhere in the world.