Another crypto city is set for building development, this time in the East African nation of Uganda. This city is named “Akon city”, after the popular Senegalese-American rapper and businessperson Akon, who is set to begin and oversee the affairs of development.
According to a report by NBS Television, the government of Uganda has confirmed and agreed to allocate one square mile of land for the Akon city.
The futurist city, the Akon city will utilize Akon’s stellar blockchain-based cryptocurrency Akoin (AKN). The whitepaper for the Akoin cryptocurrency published in March, says, “it is a utility token aimed at the African market that powers “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits (a popular store of value in many countries).
Akon responding to questions about whether Uganda will be able to finance the crypto city developmental project, Akon responded:
“The only thing that stops us from being poor and rich is “opportunity”, and if we don’t put opportunity in a place where there is less opportunity, people will never have the opportunity to be great. I know if I put it there, the people are going to find a way to afford it, because it is going to motivate them to be bigger than what they are now. Ultimately, when you create an opportunity, people grow with that opportunity, people learn with that opportunity, people are motivated with that opportunity.”
During the press conference announcing the project, neither Akon nor the Ugandan government provided information about the estimated cost of the city. Akon city in Uganda is expected to be completed by 2036.
However, Akon mentioned that the crypto city (Akon city) will help to attract more investments to the country while also creating employment opportunities for the people of Uganda.
According to a cointelegraph report, AKN is set for full deployment within the medical and tech city and will be used for staff salaries, as well as everyday payment transactions. The Akoin team is reportedly releasing a physical card connected to the AKN wallet that will allow users to transact across 40 million global merchant platforms.