Rapper and entrepreneur, Akon, shares his imaginative and discerning for his forthcoming Akoin cryptocurrency on this unique video interview with Cointelegraph.
In this interview preview, Akon discusses how the widespread use of cell phone credit as a way of commerce throughout Africa affected the Akoin crypto community.
To discover out about Akon’s plan to construct crypto-powered cities in each main African metropolis, try our full unique video interview with Akon.
Akon on the usage of cellular phone credit score as foreign money in Africa
According to Akon, most individuals “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 relevant where the day-to-day African people don’t even use the currencies any more, they’re exploitation their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.”
Akon says that the usage of cellular phone credit as foreign money affected the “atomic swap” perform on the Akoin platform – which lets customers commerce cellular phone credit score for cryptocurrency.
“Cell cellular phone minutes are used as foreign money in plenty of components of Africa. That was one factor that propelled us to understand, man, the Akoin goes to be very neat, as a result of in the end, outdoors of the villages, you actually cannot commerce cellular phone minutes for something.”