Cryptocurrency

The development of Africa depends on the criptos

For centuries, Africa has been a forgotten continent to the great nations and companies around the world. Which have been seen on the continent, a deposit of raw materials and little else. This has led to a situation of chronic poverty in many of the nations of the continent. Which today is trying to take steps toward prosperity without an adequate infrastructure. For this reason, Akon defends the idea that the cryptocurrencies are the key to the development of Africa during “Off The Charts”.

A new financial infrastructure for Africa with cryptocurrencies

Of the major advantages and disadvantages of Africa today, is the lack of a financial infrastructure is solid. And is that, the majority of the countries of the continent do not have banking institutions established. What prevents the flow of capital that entrepreneurs need african to lift the companies that, ultimately, will bring development to their nations.

However, this can also represent a significant advantage. And, the fact of not possessing a financial infrastructure established, or regulations as strict as the western. It means that new financial technologies such as the cryptocurrencies have a fertile ground to build in Africa.

Because, unlike western countries, where the use of cryptocurrencies is hampered by the existing regulations, which benefit the traditional banking system. In Africa, on the contrary, there is the need to find innovative solutions for the democratization of finance.

And it is precisely this that saw the singer Akon when he decided to invest his time and fortune in Akoin. A criptomoneda created by the singer specifically to serve as a vehicle to promote the development of Africa. Doing away with the friction that generates the existence of multiple currencies in the continent. In many cases no real value in the market. And spur the creation of new smart cities based on the Blockchain.

The criptomoneda of Akon

So, as I said during an event moderated by Changpeng Zhao, in the framework of the third anniversary of Binance, “Off The Charts”. Akon started to be interested very early by Bitcoin and the technology Blockchain. Deciding that he would create his own criptomoneda to support the development of Africa, only 2 and a half years after learning about BTC.

“The solution that represents Blockchain for Africa, with all the transparency that it provides, was something that came to my mind like: ‘Hey this is going to be the solution to the monetary system in Africa’ (…) the cryptocurrencies are going to be the point where Africa should be.”

Akon believes that the cryptocurrencies are the key to the development of Africa.

This faith in the technology of Blockchain and the cryptocurrencies has been translated to Akon in the creation of their own criptomoneda, Akoin. Which it hoped will be able to solve the two biggest challenges for Africa. On the one hand, the incorrect management of their social resources, which are handled without transparency or technical expertise. And in the second place, the instability in the value of money.

So, Akon expected to Akoin be a great legacy for the african continent. A currency that can be used in all countries, and will lead to the democratization of the financial system, boosting the african economy. What makes this our Fact of the Day today here in CriptoTendencia.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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