Scaling Africa inflation with $6 billion Akon crypto city

In this post:

Likening his Akon crypto city project to Marvel hit movie, Black Panther, Akon has said that his smart city would liberate Africa from economic problems like inflation and governmental issue like corruption.

The American musician gave the Wakana analogy while talking about how far his Akon crypto city project has gone in an interview with TMZ. He said that the movie made an idea of what Africa could be.  He revealed further that it was only an irony he was working on his smart city before the movie came out.

However, the movie helped him while he was trying to explain to people what he was trying to do, Akon claimed.

Features of Akon crypto city

Expected to be completed in 2029, Akon crypto city would operate on the musician’s Stellar-based akoin cryptocurrency as the coin is aimed at becoming a common means of payment for easy exchange in Africa.

Reportedly, Akon crypto city also would house a 5,000-bed hospital, which Akon says will cost about $1 billion to build. Other facilities like homes, hotels, schools, police and fire stations, mall and other facilities to make a modern city would all be made available in the city.

Akon said currently, the complex is 85 percent complete and phase one should be ready by 2023 with the entire city to be up by 2029.

Akoin crypto project

The akoin crypto coin would be the currency of the Akoin city as planned. With its own wallet, it enables users trade amongst partnered cryptocurrencies internally.

In July, Akon at Binance virtual conference explained how the akoin cryptocurrency will empower Africans. Reiterating his stance that cryptocurrency could be the saviour for Africa in many ways, he emphasized that it will help them overcome key hurdles, such as high inflation, government mismanagement of funds, and corruption as many African currencies suffer from inflation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Gary Gensler optimistic about spot Ethereum ETF approval progress
Subscribe to CryptoPolitan