A World-famous rapper with two number 1 Billboard Hits, four triple-platinum songs including 5 Grammy nominations and currently an entrepreneur, Akon, shares his vision for Akoin cryptocurrency in an exclusive video interview with Cointelegraph.
The crypto platform will enable the tokenized trading of mobile phone credits, an accessible and useful alternative to many fiat currencies on the continent of Africa.
In the interview with Cointelegraph, Akon discusses how the widespread use of mobile phone credits as a means of trade across Africa inspired the Akoin crypto network.
To find out all about Akon’s plan to build crypto-powered cities in every major African city, check out the complete exclusive video interview with Akon.
Also read: Top 5 Crptocurrency to Invest in 2020
THE USE OF PHONE CREDITS AS A CURRENCY IN AFRICA
According to the artist Akon, most people “don’t really understand how Africa itself works.”
“We have so many currencies in Africa,” he states. “A lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits, and things on the market.”
Akon also says that the use of phone credits as a currency inspired the “atomic swap” function on the Akoin platform — which lets users trade phone credit for crypto.
“Cell phone minutes are used as currency in a lot of parts of Africa. That was one thing that propelled us to realize, man; the Akoin is going to be very neat, because ultimately, outside of the villages, you really can’t trade cell phone minutes for anything.”