By Jeremiah Kaniampiha
Before you get excited about Akon’s investment in Uganda ascertain what kind of business he is offering. Not every silver lining cloud produces rain. Akon has received much hype especially by money -hungry socialites; they are hoodwinking Ugandans; yet no serious business.
The business Akon is bringing is hidden in words; it is para-phrased to lure gullible Ugandan authorities into accepting. He owns a crypto currency known as AKOIN, according to research done by The Drone Media, Akon’s projects operate exclusively with the Akoin crypto-currency.
Crypto currency business should not be accepted in Uganda. A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.
A cryptocurrency, broadly defined, is virtual or digital money which takes the form of tokens or “coins.” While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.