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Singer and Songwriter Akon Planning to Launch his own Cryptocurrency Akoin

Singer and Songwriter Akon Planning to Launch his own Cryptocurrency Akoin

June 22, 2018 10:00 am,

Grammy award-winning singer and songwriter Akon is all set to launch his own cryptocurrency — and the pun is intended. The cryptocurrency will be called Akoin. And not only is Akon planning to launch the cryptocurrency Akoin, he also aims to build his own Crypto City in Senegal, media reports said. With this Akon joins a range of celebrities who have backed the idea of cryptocurrency as against many who have called it fraud or gamble.

Akon plans to build his own ‘Crypto City’, where all the transactions will be carried out in cryptocurrency, in order to improve the living condition of people in Africa. Akon, who is of Senegalese descent, said that this will be a savior of Africa as it will bring power back into the hands of people. “I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down,” he said and also while speaking at the Cannes Lions International Festival of Creativity in France, the solar energy entrepreneur and entertainer said that cryptocurrency and blockchain technology could empower people in Africa. The decentralized system will enable the people to advance themselves independent of the government.

According to Akon’s official website, Senegal’s president, Macky Sall has granted 2,000 acres of land to him which will be transformed into a ‘Crypto City’ called, ‘Akon Crypto City’. It will be the first city where a cryptocurrency will be the basis of transactions. According to the website, the location of the new city is within five miles of the country’s new international airport. It uses smart city designs and a blank canvas for “cryptonising” daily business and human exchanges. However, when questioned about the technical aspects of the blockchain technology, the rapper replied that those questions are for “the geeks”, and he only provides the concepts.