Crypto Doesn’t Make the World a Better Place – Try it – Economics

Essay by Philipp Bovermann

R&B singer Akon wants to give Africa a vision: a high-tech city as a flagship project for the continent. The designs show a curved, wavy skyline made of futuristic glass towers that resemble alien sex toys. In offices, start-ups need to hatch ideas, put smart and sustainable technologies behind facades and, most importantly, pay with cryptocurrencies. These, he said during the presentation of the project last year, could be “the savior of Africa”. The musician is convinced that they will save the continent from inflation and corruption and thus open the door to a golden future. “Akon City” should therefore function as an “ecosystem” around its own cryptocurrency. Akon has reportedly received $ 4 billion in pledges from investors and 800 acres of coastal land from the Senegalese government.

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