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
Economic Forum has predicted that the consumers of Africa will spend $2 trillion by 2025.
Now, let us talk about some of the major concerns.
There have been concerns posed by the governments of Africa regarding the liability or the feasibility of crypto.
Reserve Bank of Zimbabwe banned banks from accepting or dealing with e-money or digital currencies.
But, the High Court of Zimbabwe overturned this order.
Recently, the Revenue Service of South Africa issued guidelines regarding taxing cryptocurrencies.
Central Bank Of Kenya also came into highlights after issuing rulings on cryptocurrencies.
The fact that these governments are posing regulations on cryptocurrencies shows that they feel that the use of digital currency or crypto involves risks, and people may lose money because of it.
On the other hand, some people may feel that potential risks may be unlikely; that’s the reason that incorporating blockchain with cryptocurrency has gained a lot of air. But, until now, there have been no fully effective projects.
Now, our previous question: can African countries manage their economic issues with the help of a boom in cryptocurrencies entirely can only be answered by ‘Future.’
What The Future Beholds
Akon has added to the list of those celebrities who have become a part of digital currencies.
Besides Akon, there are celebrities like Nas, who has invested in Coinbase, which is a well-known trading platform for cryptocurrency. Recently, Jessica VerSteeg, a renowned model, started a Blockchain company called Paragon. She launched an ICO for her cannabis startup. Her team included The Game, who is a rapper.
Now, by the termination of the year 2023, the construction of phase 1 of Akon City will be completed. In phase 1, construction of a solar power plant, hotels, Hamptons Mall, a school, road, the campus of Hamptons Hospital, police station, residences, etc. will be included.
Phase 2 construction will take place between 2024 to 2029.
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