Rapper Akon is launching the cryptocurrency, Akoin, that he says will financially power “Akon City” in West Africa.
His whitepaper indicates that Akoins will work as “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network.
“The Akoin Utility Token is the exclusive currency of the Akoin ecosystem. Our proprietary Atomic Swap technology enables immediate trade between major cryptocurrencies, our partners’ alternative currencies, and fiat currencies — both on the platform and in the local market,” according to the whitepaper.
The plan is to make Akoin available in all 54 African countries, according to its website, which also calls it a “uniting crypto-currency for Africa” and says it will “empower Africa.”
“We have so many currencies in Africa — 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 told Cointelegraph.
“Ultimately, outside of the villages, you really can’t trade cell phone minutes for anything,” he continued. “So we want to utilize that same mindset to take advantage of that mechanism outside of Africa — so even when they leave the continent, they can be able to utilize all of their credits and really be able to purchase real things,” he said.
In other digital currency news, the state of Rhode Island introduced a bill last Wednesday (March 11) to create a blockchain-friendly business environment to attract digital innovators.
“If you look at the legislation, it doesn’t necessarily mention crypto specifically, but when it talks about complex financial instruments and things of that nature, that’s what it’s referring to — it’s referring to cryptocurrency,” Rhode Island Rep. David Place (R-47) told Cointelegraph.
The Rhode Island Economic Growth Blockchain Act has a state regulatory sandbox and calls for a blockchain technology advisory council and the development of a blockchain filing system.
“That sandbox concept is for the cryptocurrencies,” Place said.