Akon shared details about his future cryptocurrency

Rapper and businessman Akon published a white paper of his future cryptocurrency project Akoin.

In the documentit is indicated that the coin is intended for“Entrepreneurs in Emerging Africa”. Akoin is described as a utility token that will be used to conduct atomic swaps between cryptocurrencies, fiat currencies and mobile loans. 

Speaking to reporters, Cointelegraph Akon stated:

We have so many cryptocurrencies in Africa. Most of them are unstable, local residents do not trust them. It came to the point that Africans simply do not use any currencies. To trade basic goods, they use minutes and credits on their mobile accounts.

The Akoin cryptocurrency will be launched on the Stellar (XLM) network. Tokens can be stored both in Stellar wallets and in a special Akoin wallet. 

The white paper states that all private transactions in the Akoin ecosystem will be subject to a commission of 2.5%. 

In addition, according to the rapper, in the second quarter of 2020, “one of the largest” exchangers will hold an IEO, during which it is planned to sell 45 million Akoin at $0.15 per piece. 

Let us remind you that at the moment Akon is also busy building his own crypto-city on 2000 acres of land allocated to him by the President of Senegal. 

Based on materialscointelegraph.com