Akoin City President Explains How City Could Make Africa Better

The president of Akoin city, Jon Karas believes that Akon’s crypto city could fulfill African economies' needs.

Akoin city is the 2,000-acre crypto project in Senegal ‘powered by’ Akoin tokens. The businessman behind this Akoin city explained how the futuristic $6 billion city will work.

Akon and its co-founder published the whitepaper for the Akoin cryptocurrency in March were it states 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). The platform is set to be launched on top of the Stellar (XLM) network. 

The project has signed a $6 billion construction contract with U.S. engineering firm KE International and raised $4B to fund the first two phases. The entire project is set to complete within ten years.  

As reported by Cointelegraph the Akoin co-founder and president Jon Karas said that once the crypto city is completed by 2030, it will provide practical tools for residents to utilize crypto in everyday life, with the potential to spread adoption across Africa.

Karas said, “We're looking to work with the government to help use blockchain technology for all kinds of things that are typical city infrastructure as pertains to taxes and import duties and trade-related stuff. ”

Karas said that the city’s autonomous transportation system would take its cues from the setup in Crypto Valley in Switzerland.

He also said that the residents of the city could pay for taxes, business licenses, and even basic utilities using crypto.