Uganda Will Choose Stellar Lumens For Powering Its New Futuristic City

Uganda will likely choose Stellar Lumens for powering its new futuristic city according to an NBS Television report. The project received the green light from the government and will be completed by 2036 so let’s find out more in our stellar news today.

American singer and rapper Akon was also awarded one square mile of land to carry out the project and it will be named “Akon City” which will only use cryptocurrency based on Stellar Lumen’s blockchain to power the economics sector. With other projects waiting to be executed in Senegal as well, the project coin will hit a value of $6 billion. According to the blueprints on the Senegal city project, Akon plans to create schools, police departments, malls, and hospitals as well as places for recreation and culture. The singer expects to contribute to the development of these countries and to bring opportunities to their inhabitants.

Akon previously explained why he chose Stellar to launch his Akoin and claimed that the blockchain will help emerging markets like Uganda and Senegal. This is why Uganda will choose Stellar as well, hoping to help to enhance the financial infrastructure as 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.”

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 pic.twitter.com/G4GHuefZFE

— Canary Mugume (@CanaryMugume) April 5, 2021

The end goal is to bring the economic barriers down for all Africans. Stellar is also a platform with speed and scalability so Akon believes that it has the needed use cases. The Stellar Development Foundation established a new network for charities that accept Stellar Lumens as a form of donation. XLM is now rallying in price with 18.2% profits while the past week it recorded 27% gains and 23.6% in the monthly chart.

Also as reported, According to the statements by the President of the ECB Christine Lagarde, a decision on the project will be made later this year. Lagarde had an unfavorable position on crypto and CBDCs but the president was quite in favor of stablecoins. However, in an interview with Bloomberg, Lagarde noted that the decision on whether to approve the Digital Euro will be made by the council. Outlining the roadmap for the digital euro, Lagarde noted that they will soon publish an analysis of the consultation process that was opened for the project.