Akon, a Grammy-nominated, multi-platinum-selling artist and philanthropist, is constructing a pioneering, entirely cryptocurrency-based city in Senegal, West Africa, where his digital cash currency, AKoin, will be the only means of exchange. Only 5 minutes away from the nation’s brand-new international airport, President Macky Sall of Senegal gave him 2,000 acres of land to build the cutting-edge city. Black leaders have been discussing building their communities and economies for years, and now Akon is finally stepping up to the task.
The Issue
Young African entrepreneurs experience significant challenges when starting and growing their businesses—issues that have historically impeded sustained success. They also encounter similar challenges that prevent successful entry and acceptance of foreign businesses on the continent.
Despite the advancements in smartphone and internet technologies, most Africans under 25 still have limited access to global innovation and possibilities. African entrepreneurs’ main problems are the absence of financial facilities, inflation, and unstable currencies. Difficulties hamper growth in trade and money movement, and there is an urgent need for access to chances for earning money.
The Answer
By developing a stable currency and cutting-edge, profit-generating opportunities that encourage and support youth entrepreneurship, economic stability, and growth throughout Africa and the rest of the world, the AKoin Ecosystem helps the world’s greatest rising economy realize its full potential.
Akon, who has Senegalese ancestry, says: “I think that blockchain and crypto could be the savior for Africa in many ways because it gives the power back to the people and restores security to the currency system, and it also allows the people to use it in ways that they can advance themselves and not allow the government to do those things that are keeping them down.”
Not his first original thought
Akon has long been a leader in social change and a visionary. He successfully established and expanded Akon Lighting Africa in 2014 to offer scalable solar power solutions throughout 18 nations in Africa as of this writing. One hundred thousand solar street lamps have already been produced as part of that project, which aims to provide electricity to 600 million Africans.