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Why Uganda chose Stellar to power currency of its new city

Per a report by NBS Television, Uganda is planning to build a futuristic city. The project has received the green light from the local government and is set to be completed by 2036. American singer of Senegalese origin, Akon, has been awarded one square mile of land to carry out the project.

To be named “Akon City” it will use a cryptocurrency based on Stellar Lumen’s blockchain to power the economic sector, AKoin. With a similar project to be executed on his native Senegal, the project cost is estimated to be as high as $6 billion.

According to the blueprints on the Senegal city project, Akon plans to build malls, schools, police departments, waste management services, hospitals, and other buildings for recreation and culture. The singer expects to drive and contribute to the development of these countries and “bring opportunities” to its inhabitants.

Akon to build Akon city in Uganda by 2036. The government of Uganda has agreed to allocate him land of the size of 1 square mile. The city will operate on AKoin currency, a stellar-based cryptocurrency. @nbstv — Canary Mugume (@CanaryMugume) April 5, 2021 Stellar Lumens, the perfect place for AKoin

In a previous post, Akon explained why he has chosen Stellar to issue its Akoin. Claiming that blockchain will help emerging markets, like Senegal and Uganda, the singer believes Stellar will help to strengthen the financial infrastructure. Akon claimed:

Bringing the benefits of blockchain to Africa is our core mission at Akoin. We aim to improve Africa’s financial infrastructure and lower costs by removing intermediaries and increasing transparency.

The end goal is to “lower” economic barriers for all Africans, said Akon. Stellar is a platform with “speed and scalability”, therefore, the singer believes it fits with Akoin uses cases and the applications plans for its ecosystem. Akon adds:

Stellar Development Foundation has also established a wide netwo...
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