Despite these impressive developments in its quest to become the future currency powering Africa, there are still concerns about the viability of the project as it has been promoted so far.
Akon seems to be blowing the same horn about the need to save Africa which has been all too common, and concerns over this have started to surface. For many, this seems to be yet another attempt at seeking investments and funding for the project.
Critics also point to the apparent lack of clear evidence of signed contracts and practicality of Akon City in Senegal. A few point to the lack of political goodwill in the country and how unrealistic the whole project is.
The challenges of doing business in Africa are all too obvious for those who live on the continent, and the truth is, it will not be a walk in the park for Akon to make his city a reality.
The partnership with Stellar Network has also been pointed as a weak spot when you consider that Stellar has been building projects in Africa for years with no viable use case so far.
All the proposed use cases for Akon cryptocurrency are still on paper and funding is apparently a bigger issue that is not being touted in the entire undertaking as Paxful CEO, Ray Youssef, recently tweeted:
Akon has been working on akoin with a friend of mine so it seems he wants to build but funding is the issue. We should focus on doing real things no matter how small. My company has build schools for 400 children with bitcoin. Would love for @Akon to help us. #builtwithbitcoinpic.twitter.com/ROaCg4vayV
Questions over Chinese involvement in the project has also raised concerns over the true intent of the project and whether it will live up to its proposed ideals, as opposed to the ongoing debate over China’s state policies on state-controlled investments in Africa.
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