What happened with the city developments of Akon

At the Cannes Lion Festival 2018, Akon explained that his cryptocurrency Akoin Africa would bring back freedom. In a way, it brings the decentralization of financial security away from the governments. However, the residents did not record his vision with open arms, and there is a gap in the absolute crypto adoption in Africa.

The city of Akon is said to be on the Senegalese mainland and not be an autonomous island. However, due to the centralized character of the Senegalese government, this was a significant problem. Akoin crypto would have to adhere to government laws.

The Akoin ecosystem

After an economic crisis in Senegal, Akon breeds an alternative. The planned city of Akon would help to deal with mass protests and poverty. As a result, the success of the 6-billion dollar project would be a sister project in Uganda .

The AKON ecosystem is not a utility token, but an entrepreneur center in the entire Senegal. In addition, it works with a decentralized stock exchange and a wallet that facilitates transactions between users. It enables transactions between large crypto coins without the restrictions on traditional finances.

Akoin can be bought on designated online exchanges with Fiat currencies, Bitcoin, Ethereum and Stellar. In addition, a user can buy with credit or debit cards. The main goal of AKON is the reduction in paperwork and procedure for entrepreneurs and small companies.

Akoin gives African entrepreneurs the opportunity to compete in the international economy. With Akoin token as a medium of exchange for gig economies, the health and financial sector and the government lead to a healthy African economy.

The goal and the mission could become reality with any other crypto. However, the music mogul stated that Akon was a means of transaction with more internationally known brands. As impressive as it is, there are challenges with state regulations in Senegal and other African countries.

challenges for AKON

French-speaking countries in Africa, including Senegal, use CFA-Franc. The Franconia is regulated and issued by the Central Bank Bceao based in Dakar. The institution warned of the dangers of introducing cryptocurrencies and described it as illegal. In addition, the central banks working in the region agree.

At a global level, they warned investors who use cryptocurrencies and peer-to-peer platforms, of "insecure investments". From now on, Akon relies on providers of prepaid mobile radio networks to provide services for the population without bank details. However, this depends heavily on the cooperation of telecommunications companies.

governments regulate most telecommunications companies in Africa. As a result, this represents a problem for the acceptance and success of AKON. If mobile companies decide to support crypto, they risk state sanctions. The only legal means of payment for AKON in Senegal is CFA-Franc.

Many African countries have expressed their skepticism about cryptocurrency. In addition, some nations such as Zimbabwe Banks have prohibited banks to process virtual currency transactions. Other nations such as South Africa are also looking for opportunities to tax digital currencies.

cryptocurrency trend in Africa

The AKON Foundation is working on taking partnerships with crypto companies working in Africa. Akon's goal revolves around companies, foundations and countries that are willing to introduce crypto and integrate them into their economy. As established, most companies strive to venture into a blockchain-based economy. However, their main concern is among the central regulatory authorities.

nigeria , the leading business giant in Africa, is third worldwide for crypto trading. His massive business gives the rest of the continent hope in relation to aspects of crypto investments. In February, however, the unexpected ban on crypto exchanges from the central bank triggered harmful waves on the entire continent.

In the future, Akon will work with Mwale Medical and Technology City in Kenya. The 2-billion dollar hubs have over 2000 traders and 35,000 inhabitants. The pilot project phase in Kenya runs without breakdowns or government interventions. More and more crypto enthusiasts believe that the governments will shorten the cryptocurrency.

AKON solution in Africa

Violent protest and a weak economy have Senegal and above all its Young people unemployed. The city of Akon offers job opportunities while it ventures into real estate. Following the housing problem in Senegal, the project solves the housing shortage at national and international level.

The lighting project in Africa promoted by Akon serves as a reason for the city of Akon. Since its start in 2014, the solar power project has brought in more than 18 countries across Africa. After securing $ 4 billion from investors wants to initiate AKON development levels.

Akon's current situation

The 1. Phase from Akon City is expected to be completed by December 2023. The complete cover would include hospitals, shopping centers, houses, schools, police stations and a solar power plant. The second phase is expected to run from 2024 to 2029. Akon City, two hours of car from Dakar and south of the International Airport Diagne.

While some government officials praise the city of Akon, the locals in the locals with skepticism. Some doubts his legitimacy in view of his decade of Poverity for its 15.4 million inhabitants. The plan for the futuristic city is still pending in Senegal.

The Minister for Urban Development in Uganda has agreed to offer the government of land for the development of "Akon City". They call it a "satellite city", a copy of the plan already designed for Senegal.

AKON plans to build a real Wakanda version in Senegal. Due to the necessary infrastructure, the city would not be finished until 2036. Opposition leader from Uganda claimed that it was a "public secret" that Akon City would never exist.

In addition, they asked the government to stop donations "Schatz-Aumebote" to prominent and wealthy investors. Akon City is not yet what many of them have sought, and all eyes are aimed at Senegal's establishment of the real Wakanda.