Bring more security to the African monetary system. This is Akon’s goal with Akoin. The Senegalese singer and businessman has launched a test phase in partnership with Baanx, an East African bank specializing in cryptocurrencies. If successful, the Akoin will be rolled out across Africa.
This will be the cornerstone of an ecosystem that will positively impact local communities, which would have access to a range of financial services, decentralized applications and tools dedicated to entrepreneurs wishing to develop their business. The plan also hopes to benefit governments across Africa as part of the fight against hyperinflation that sometimes forces them to limit financial services for many people.
The Akoin will be backed by a debit card that will allow purchases to be made anywhere in the world. Users will be able to top up their wallet through the Baanx payment gateway in a platform that connects traditional fiat financial services and digital assets. In addition, they will be able to immediately convert their digital assets to fiat, and vice versa.
Read also:How Cryptocurrencies Reduces Cost of Remittances—- World Bank Study
Note that the creation of Akoin was announced during the year 2018. It will be the currency of Akon City, the smart city that the singer is building in Senegal.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
Akon cryptocurrency Akon cryptocurrency