Why Uganda Chose Stellar Lumens to Boost Their New Town’s Currency

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According to a report by NBS Television, Uganda plans to build a futuristic city. The project has received a green light from the local government and is expected to be completed in 2036. Senegalese American singer Akon has been given a square mile of land to carry out the project.

To be named “Akon City”, he will use a cryptocurrency based on the Stellar Lumen blockchain to boost the economic sector, AKoin. With a similar project running in his native Senegal, the cost of the project is estimated at $ 6 billion.

According to Senegal city project plans, Akon plans to build shopping malls, schools, police departments, waste management services, hospitals and other buildings for recreation and culture. The singer hopes to promote and contribute to the development of these countries and “provide opportunities” to their inhabitants.

Stellar Lumens, the perfect place for AKoin

In a previous post, Akon explained why he chose Stellar to cast his Akoin. By stating that blockchain will help emerging markets such as Senegal and Uganda, the singer believes that Stellar will help strengthen financial infrastructure. Akon stated:

Bringing the benefits of blockchain to Africa is our main mission at Akoin. Our goal is to improve Africa’s financial infrastructure and reduce costs by cutting out intermediaries and increasing transparency.

The ultimate goal is to “lower” economic barriers for all Africans, Akon said. Stellar is a platform with “speed and scalability,” which is why the singer believes it fits with Akoin’s use cases and application plans for its ecosystem. Akon adds:

Stellar Development Foundation has also established a broad network of charities that accept Stellar Lumens as a form of donation, and philanthropy is at the core of the spirit of Akoin and the Akoin Foundation. These factors (…) make Stellar an obvious choice for Akoin.

XLM is recovering on the 24 hour chart with 18.2% profit. During the past week, XLM posted record gains of 27% and 23.6% on the monthly chart.

XLM in a 24 hour rally. Source: XLMUSDT Tradingview