Akon $6 billion city currently being developed according to the project president, Jon karas could act as the funding ground African economies require.
Being part of the brains behind the Akon city in Senegal, he explained how the crypto city set to be powered Akoin tokens would work.
The Akoin token according to its white paper is a utility token aimed at the African market that powers “atomic swaps” between cryptos, fiat currencies, and mobile phone credits (a primary store of value in many countries). The token would be launched on Stellar (XLM) network.
Akon $6 billion city still under construction in Senegal has signed a $6 billion construction contract alongside U.S. engineering firm KE international and has raised $4billion to fund the project’s first two phases.
Phase one of the project is expected to be completed by 2023 and the entire project to be completed by 2029.
Powering Akon $6 billion city with Akoin token
In an interview with the president, Jon Karas, he explained that when the project is completed by 2030, it will empower residents with instruments to utilise crypto in their daily life alongside a potential to spread crypto adoption in the African continent.
Karas said they intend to work with the government to use blockchain for all kinds of things that are typical city infrastructure as pertains to taxes and import duties and trade-related stuff.
He explains that they believe it would help make things seamless so they can track and toll and do many other things similar to that.
Karas said further that the Akon $6 billion city transport system would be similar to the setup in Crypto Valley in Switzerland. He said resident would be able to get on and off the tram and pay with their crypto-related card with a tiny piece of Bitcoin or altcoin.
Taxes, licenses and many other utility bills would also be paid using cryptos. Karas said that there are all kinds of blockchain applications that will make the city more futuristic and seamless. He also explained the city would demonstrate the potential of the technology to other African leaders and countries.
Previously on Akon crypto city
He explained that the city would liberate Africa from economic problems like inflation and governmental issue like corruption.