The Akoin cryptocurrency is officially in use in Kenya. The Stellar-based coin by renowned rapper, Akon, has secured a deal that will see the cryptocurrency become the main currency of Mwale Medical and Technology City (MMTC) in Western Kenya.
MMTC is a $2 billion sustainable metropolis centered around a state-of-the-art medical and technology complex located within Butere Sub-county, Kakamega County. Construction on the 5,000-acre project began in 2014 and was scheduled for completion in December of 2020.
Also Read: Kenya is adopting Digital Currency and Cashless Matatu Fares Maybe the Beginning of the End
It is comprised of five districts being built in three phases and has been partially operational since July 2019.
A similar 2,000-acre smart city project on the outskirts of Dakar, Senegal will also be powered by the Akoin cryptocurrency.
How Akoin Works in MMTC
Julius Mwale, the primary investor of MMTC declared that the cryptocurrency will be in use by the complex by the end of 2021. All the workers at MMTC will receive payments in Akoin.
“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. “ Says Julius Mwale.
Initial transactions have even started in the medical complex with employees incurring no fees while transacting using the cryptocurrency.
The pilot project is expected to roll out to the rest of the country sometime in 2021.
