Akon, the music tycoon, will soon build Akon City, a pioneering city based on the concept of cryptocurrency in Senegal. After attaining a whopping $4 billion from capitalists.
This innovative city will involve the use of solely a digital currency or e-money called ‘Akoin.’ From educational institutions such as schools, universities, etc. to hotels, parks, stadiums, etc., this city will be equipped with them all. Note that this futuristic city is being built on allotment contributed by the government itself, also ‘Akoin’ will be a de facto currency. Now, the most interesting question is that can African countries triumph over their economic difficulties with the help of cryptocurrency?
Most Important Things You Should Be Aware Of
First of all, as reported, ‘Akoin’ contributes to approximately 1600 cryptocurrencies, with a market valuation of larger than $267 billion. It is worth mentioning here that this cryptocurrency ‘Akoin’ was declared for the first time in the year 2018. As outlined by CultureBanx, Akon and his team are planning to construct a kind of ecological community and a futuristic city based on innovation, where amazing steps will be taken to encourage the new entrepreneurs.
As stated on the website of this grand Akon City project-” Akoin is a cryptocurrency-powered by a marketplace of tools and services fueling the dreams of entrepreneurs, business owners, and social activists as they connect and engage across the rising economies of Africa and beyond.” You should be aware of the fact that greater than 60% of the population in Africa is below 25 years old, and all of these young people don’t use banks. In addition to this, these young people are entirely dependent on smartphones. Another thing worth noting here is that out of the ten rapidly developing economies of the continent, six are situated in Africa.
So, with this huge number of unbanked populations, Akon’s venture can really be a revolutionary one.
Also, as highlighted by the World Economic Forum, it is expected that out of the total population of Africa, approximately 1.1 billion people will be working in the year 2034.
Besides, the World