taggit Summary
“With Akoin, African entrepreneurs will have access to financial, health, education, technology, professional, governance and land services, using the Akoin Token as a central medium of exchange.”The currency is issued and regulated by a Dakar-based central bank known as BCEAO, which has warned that the adoption and usage of crypto is illegal with commercial banks operating in the union are forbidden to process crypto transactions. The Akoin platform wants to leverage the existing network of prepaid mobile airtime vendors as a tool to provide financial services to the unbanked population, but that will largely depend on mobile telecommunications companies, whose financial services are also regulated by the central bank. Akon’s highly successful Lighting Africa project, which has provided scalable solar power solutions to millions of households across 18 countries since launching in 2014, could also serve as credentials for those considering investing in Akon City, and using Akoin.