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Cryptocurrency for Africa: Akon Reveals When He's Going to Launch His Own Coin

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  • Alex Dovbnya
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    Akon reveals what prompted him to create his own cryptocurrency, which is expected to be launched in early 2020

Cryptocurrency for Africa: Akon Reveals When He's Going to Launch His Own Coin
Cover image via www.akon.com
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Pop singer and record producer Akon seems to be dead serious about his cryptocurrency plans. The Senegalese-American singer recently made an appearance on CNN where he revealed that the launch of the so-called "AKoin," which was first announced back in June, is slated for the beginning of 2020. 

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Turning Africa into a superpower

A multitude of celebrities has stepped up to launch their own cryptocurrencies. For Akon, however, this is not just another gimmick. 

In an interview, he claims that AKoin is meant to empower Africa, the continent that has a large unbanked population. 

"The platform is built to be a worldwide platform, but I'm talking to Africa specifically 'cause that's where the need is necessary the most," Akon told CNN.  

That being said, Acon's new project will face some tough competition. Libra, which is also expected to be rolled out in early 2020, explicitly stated that it would be focused on the long-term success in African markets.   

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Killing corruption with blockchain

One might wonder why Akon doesn't want to start with small steps such as bringing electricity to African people (more than 100 mln Africans don't have access to power suppliers). In lieu of focusing on such mundane things, he pitches a cryptocurrency. 

However, the pop star is certain that the coin will help to root out the core of Africa's woes -- corruption, and that's where blockchain comes to the rescue. 

"If you follow the money, you will always follow the truth."  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Fixes This: Former PayPal Exec Has His Bank Account Axed for No Reason

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    Even Roelof Botha, one of the most influential venture capitalists in Silicon Valley, can have his bank account frozen without explanation by banking overlords

Bitcoin Fixes This: Former PayPal Exec Has His Bank Account Axed for No Reason
Cover image via 123rf.com

Venture capitalist Roelof Botha, the former chief financial officer of PayPal, took to Twitter to reveal that Bank of America suddenly decided to close his account without any explanation. Botha claims that he had been the customer of the aforementioned bank for 20 years. 

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In its letter to Botha, BofA, the second-biggest US bank by assets, only mentioned that they had to cut him off after "a careful review of his banking relations."  

Multiple prominent names within the crypto industry suggested that the only reason for the termination could be Botha buying Bitcoin. Particularly, TechCrunch co-founder Michael Arrington, who also happens to be a huge crypto proponent, says that this is his only guess. 

CivicKey CEO Vinny Lingham and Guardian Circle co-founder Mark Jeffrey were also on the same page.  

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Banks, which see crypto as an existential threat, still have strained relationships with the new asset class.

Moving across the pond, British cycling merchant Scott Snaith had his personal and business bank accounts frozen after making a transaction on a peer-to-peer cryptocurrency exchange. As a result, he didn't have funds to pay his employees.  

Back in August, British banking giant Barclays abruptly ended its partnership with Coinbase back in August 2019 after taking the crypto exchange under its wing in 2018. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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