The world’s first blockchain-based futuristic city is under development on the West Coast of Africa, courtesy of renowned singer and philanthropist Akon. The city will be economically powered by its native currency Akoin, which is now being deployed in a tech city in Kenya as a pilot for the $6 billion Akon City in Senegal.
The highly anticipated Akoin digital currency has finally launched in Mwale Medical and Technology City (MMTC) as a part of a pilot program for Akon City. Located in Kenya’s Kakamega county, the MMTC is a $2 billion metropolis, built around a 5,000-bed medical and technology complex.
According to Julius Mwale, the primary investor behind the MMTC, the complex is expected to be fully completed by the end of 2020 itself.
“We’re going to use exclusively akoin by the end of 2021,” Mwale said in a podcast interview on Blockdown 3.0.
He went to explain that 35,000 residents and over 2,000 merchants will now be using Akoin. Mwale is confident that by the end of 2020, more than 20,000 will have been paid for using the akoin cryptocurrency.
“We are expecting to do an initial 30,000 transactions starting next month,” Mwale added.
Akoin Credit card
Akoin would also boast the ability to be exchanged with other payment methods, meaning, residents will be able to swap akoin and large mobile minutes, m-pesa, and the U.S. dollar.
Furthermore, after the first 30,000 transactions in 30 days, a credit card will also be issued. As a result, merchants that accept Visa or Mastercard will be able to accept akoin. Following this, the system will be upscaled to add support for up to 1.5 million transactions a month.
“That’s 5,000 workers for 1.5 million transactions a month after the initial 30,000 [transactions].”
Mwale added that “People are very very excited” since that city at present uses m-Pesa which incurs additional transaction fees. Because of the poor economic condition of the people in this region, the transaction fees are “very expensive for them.”
“The only charges will come if you are getting out of the network so people are very excited, they’re going to save a lot of money,” Mwale emphasized.
Mwale continued that “akoin is going to be the exclusive cryptocurrency for Akon city,” adding:
“This is the test ground for akoin before it moves into the Akon city as we start building there next year to literally turn Africa into a cryptocurrency ecosystem within the next decade.”
He also stressed on the fact that regulators in Kenya had long outlawed cash transactions since the Covid-19 pandemic began. He concluded:
“It’s been very easy for us to transition to akoin from other digital transactions, the m-pesa, and other transactions that we already have.”