Ashworth Barnes the Chief Executive Officer (CEO) of 713 Motoring a leading automotive company in US has welcomed the Akoin cryptocurrency initiative as a measure to boost business and investment in Africa.
Akoin is a cryptocurrency powered by the blockchain eco-system of tools and services designed for entrepreneurs in rising economies of Africa and beyond. The Akoin was created by global artist and investor, Aliaune Badara Akon.
During his business trip to Uganda last week coordinated by the office of the Senior Presidential Advisor on Diaspora Affairs, Akon revealed plans of setting up Akon City in Uganda whose currency shall be the Akoin.
As a member of the delegation that visited Uganda, Ashworth Barnes believes that the Akoin is a viable solution to the currency gap in Africa.
“Africa has many barriers with commerce because the currency is different in each country making cross boarder trade a bit costly. We need to be able to reduce the cost of doing business and the Akoin is the viable solution with the world moving in crypto,” Ashworth said in an interview.
The US business tycoon who is set to invest in automotive industry in Ugandan said that investor planning to do investment in African should rise up and support the Akoin cryptocurrency since it will ease the cost of investment and offer huge returns.
The Akoin comes at the time as the East African Community is thinking of coming up with a common currency in line with economic integration.