- August 14, 2019
- Posted by: BlockX
- Category: Blockchain
Grammy-nominated, multi-platinum selling artist and philanthropist Akon is building a first of its kind 100% crypto-based city in Senegal, West Africa, and the only form of trade that will be used is his own digital cash currency called AKoin. The futuristic city will be built on a 2,000-acre land gifted to him by Senegal’s President Macky Sall, located just 5-minutes away from the country’s new international airport. For years, Black leaders have talked about creating their own communities and economies… and now finally, Akon is stepping up to the plate.
Young entrepreneurs in Africa face real hardships in creating and building businesses — problems that have hampered sustained development for too long. Global brands, likewise, face similar challenges that prevent their successful entrance and acceptance on the continent.
Over half of Africa’s population today is under 25, but despite the improvements smartphone technology and the internet have brought, most still face limited access to global innovation and opportunities. Currency instability and inflation and a lack of banking services are at the heart of the African entrepreneur’s dilemma. Challenges in trade and movement of money hamper growth and the need for access to high-quality education and revenue-generating opportunities is massive.
The AKoin Ecosystem unlocks the potential of the world’s largest emerging economy through the creation of a stable currency and innovative, revenue-generating opportunities that stimulate and support youth entrepreneurship, economic stability, and growth across Africa and the world.
Akon, who is of Senegalese descent, comments, “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.”
Not his first unique idea
Akon has been a visionary and a social changemaker for quite some time. In 2014, he successfully founded and grew Akon Lighting Africa to provide scaled solar power solutions throughout 18 countries to date in Africa. So far, that project has already produced 100,000 solar street lamps in its goal to the 600 million Africans who don’t have access to electricity.
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