Platforms Like Avesta Can Be Used to Create a Crypto Utopia

In early 2018, a group of crypto millionaires and billionaires announced their intention to create a crypto utopia on the island of Puerto Rico. The project would be called “Sol,” or “Puertopia” as some have named it.

The idea is to incorporate a decentralized city that will run solely on cryptocurrency and blockchain technology. The crypto-rich investors are buying properties all over Puerto Rico and have their hearts set on a certain 9,000-acre piece of land. 

Their reasons for creating a crypto utopia in Puerto Rico are for their own gain as much as they are for that of the world. Puerto Rico offers many tax incentives to those who have made fortunes in crypto. Without any capital gains tax or personal income tax, it makes sense that those with large holdings of crypto would want to call the island home.

But these entrepreneurs aren’t just moving there to escape American taxes, which they see as a means for the U.S. government to choke the life out of this new economy. Allegedly, they’re trying to create a freer economy that could work for people of all socioeconomic classes. And they’re not the only ones trying to turn such an idea into reality.  

Akion: The Crypto Utopia Coin

Some crypto utopia projects have a more singular focus. Instead of involving a group of wealthy individuals and an island nation, Akoin will be the cryptocurrency of a city in Senegal, Africa. Spearheaded by grammy-award winning artist Akon, the city will allegedly use only cryptocurrency for financial transactions.   

So what exactly is Akoin and how does it intend to create a crypto utopia? According to Akion.io, The AKoin Ecosystem is described as:

“a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps.”

As we have noted, mobile phone adoption in Africa is quite high <link>, meaning that Akon could be on to something here. Akoin could potentially be part of the solution to the problem of how to reach the unbanked with crypto.

The goal of Akoin is to create a 2,000-acre large crypto city called Akon Crypto City in Senegal, Africa, that will use Akoin as its national currency. The Akion cryptographic token will be legal tender for all transactions. There will be no central bank. For the first time in modern history, individuals will be their own bank. Each and every citizen of this crypto utopia city will be a financial sovereign.

Crypto Utopia with Avesta

Avesta also aims to solve some of the same problems addressed by Akion. When it comes to banking and e-commerce, for example, Avesta will provide a pay for the unbanked in Africa and beyond to achieve their goals using crypto.

Avesta allows you to buy anything online at any e-commerce store that has integrated Avesta into their backend. All payments are recorded in the blockchain, meaning there are no issues with warranties, receipts, or proof of payment.

The Avesta blockchain is incredibly secure, fast, and affordable. Transaction fees come at a flat rate rather than being proportionate to the number of funds you intend to send. This will allow everyone from large businesses to individual users to transfer value efficiently and immediately.

Platforms like Akoin and Avesta can create a real crypto utopia. 

Africa Leads the Way in Crypto Finance and Regulation

Bitcoin was created in response to the financial crisis of 2008 and aimed to create a new, freer, less restricted financial system. In its early days, Bitcoin was intended to provide the “unbanked,” those without access to traditional banking services, with the tools they needed to exchange value and engage in commerce. Specifically, Bitcoin was supposed to serve parts of Africa that were as of yet left behind by the banking system.

Reality Not Always Conducive to Crypto Finance

But this principle had trouble making its way into practice. The combination of high transaction fees and low exchange liquidity for converting bitcoin into local fiat currency put the brakes on crypto’s high hopes. 

Existing services like WorldRemit are cheaper under current circumstances. In addition, using bitcoin for payment doesn’t make a whole lot of sense for the average African citizen.

Digitization, if harnessed by both the private and public sectors, can allow Africa to position itself as a leading developing economy.

The CEO of KureCoin @KureTega spoke at the conference on the need for FinTech to adopt the Blockchain technology. #kurecoin @KureCoinHub pic.twitter.com/k3d1Buuh2z

— Crypto Satoshi (@CryptoSatoshiyh) June 20, 2018

But this is only the beginning of the story. Despite the initial bleak outlook for crypto finance in Africa, many nations in the world’s second-largest continent (by both size and population) lie at the heart of blockchain adoption and regulation.

Ghana, Kenya, Nigeria, and South Africa, in particular, are some of the largest bitcoin economies in Africa. This is due in large part to the fact that these countries have the highest levels of internet usage combined with the largest economies.

African Startups Focusing on Crypto Finance

One of Africa’s most notable crypto startups is BitPesa. Based in Nairobi, BitPesa provides a way for people to exchange value with people in other countries without having to make FOREX transactions first. For example, someone in South Africa would typically have to sell their South African Rands for US Dollars before transacting with someone in America.

BitPesa cuts out the middleman and allows for an individual or organization to quickly and affordably conduct cross-border transactions. Of course, for reasons cited earlier, BitPesa has moved its business model from individual banking to international business-to-business transfers.

We have previously covered the Sun Exchange (SUNEX), another notable South African startup. SUNEX will create a marriage between renewable solar energy (a large untapped African resource) and crypto finance. 

SUNEX Users will be able to earn dividends by purchasing parts of solar panels. Nothing like this has ever been conceived of before. And it’s already happening in Africa.

Crypto Finance and Regulation in Africa

The regulatory attitude toward crypto finance in Africa varies from country to country. This is no different than in other parts of the world. There does seem to be a strong polarization, however.

The South African Reserve Bank has been open to crypto finance, leading many bitcoin startups to call South Africa their home.

However, other nations have not been so kind to crypto finance. Egypt, for example, has outright banned bitcoin and all other cryptocurrencies. Namibian has done so as well, and Algeria has announced its intention to do the same in 2018.

 In the majority of African nations, there has been no forward guidance from regulators regarding crypto finance, so most Africans have the legal right to buy, sell, and transaction in crypto.

Avesta Africa Sarl

Just as Africa has adopted smartphone technology with ease, Avesta Africa will ensure that Guinea will adopt an automated system for crypto payments that surpasses the less efficient methods used elsewhere.

Even now, Avesta has made deals with the government of Guinea to implement a new tax system for foreign investors. Via a decentralized system, we will offer tax-incentivized deals for B2B and B2C transactions in Guinea. This establishes trust and will create great business opportunities within the country.

We believe that GUINEA will become the most advanced autonomous administrative and economically attractive zone for new and existing businesses and immigration from other countries after this implementation