Akon has confirmed the ongoing launch of the Akoin cryptocurrency in Kenya which will be used at the Mwale Medical Technology City (MMTC), the first location where the cryptocurrency will be deployed in Africa.
The pilot project is expected to roll out to the rest of the country sometime in 2021.
In a video interview with K24, a local Kenyan TV station, the CEO of Mwale Medical is shown demoing the app and describing how it will work.
“Once the Akoin wallet is loaded with finances, you are free to transfer the money to any form of currency that is convenient to you without being charged.
Different accounts (Dollar or Kenya Shilling accounts) can be used in managing funds. “
– CEO, Mwale Medical
From the explanation, it looks like the Akoin cryptocurrency will be a stablecoin that is easily swappable via the Akoin wallet between other types of currencies and Akoin. So far, it is confirmed that the wallet will support Akoin / KES (Kenya Shilling) currency pair.
Akon has previously stated that the pilot stage roll out will be invite-only and is projected to see over 30, 000 transactions per month taking place using Akoin, which can also easily be converted into cell phone minutes.
In an effort to bring more education on blockchain, Akon has also partnered with Effect.AI to set up blockchain hubs in Africa, starting with Kenya. As it happens, the first of these physical locations, dubbed Opportunity Hubs, will be located in MMTC.
NB: Look out for an exclusive BitcoinKE interview with the CEO, Effect. AI, on the upcoming Opportunity Hubs