Akon City, a “futuristic cryptocurrency themed city” founded by music mogul Akon, is prepared to start construction in Senegal, after securing $4 billion from investors. town will exclusively use the “Akoin” digital currency and plans to possess parks, universities, schools, a stadium, hotels, and more. it'll be the de facto currency during a Senegalese city he’s constructing onto land donated by the govt. Will cryptocurrencies become the tool that puts African nations on the trail to overcoming their economic challenges?
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Akoin, is now a part of the nearly 1,600 cryptocurrencies trading round the world in an industry with a market capitalization of over $267 billion, in keeping with data from CoinMarketCap. The digital currency was originally announced in 2018 and CultureBanx reported that together with his team they conceive to build a full ecosystem around Akoin, including construction of town and initiatives to support young entrepreneurs.
“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 have interaction across the rising economies of Africa and beyond,” per the project’s website.
More than 60% of individuals in Africa are under 25 years old, unbanked, and heavily depend on mobile phones to try and do everything. this suggests Akoin could really commence across the continent, since 6 of the ten fastest-growing economies are in Africa. In 2034, Africa is anticipated to own the world’s largest working-age population of 1.1 billion, per the globe Economic Forum Forum, which also projects that the continent’s consumers will spend $2 trillion by 2025.
Crypto CIty Concerns:
Many African governments have expressed skepticism about the viability of cryptocurrencies. Zimbabwe’s depository financial institution banned banks from processing digital currency payments just for the country’s judicature to reverse the order. South Africa’s Revenue Service recently published guidance on how it might tax cryptocurrencies sparking debate about their classification. Kenya’s financial organisation has slow-walked issuing regulations on cryptocurrencies.
All of this skepticism relates to concerns these countries have about the riskiness of digital currencies and therefore the potential for people in these countries to lose money. While it's going to seem far-fetched to some people, integrating blockchain technology into city building has been gaining traction in recent years. Though none of the projects are successfully realized yet.Time will tell whether cryptocurrencies like Akoin will bring stability to African economies or leave consumers wishing that they had kept their money in traditional currencies. Grammar CheckCheck Plagiarism
