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Akon announces his own cryptocurrency, ‘Akoin’

Grammy-nominated musician and entrepreneur Akon has announced his own self-styled cryptocurrency dubbed ‘Akoin’, which would be used in a ‘crypto-city’ of the future.

If you’re ready for your daily dose of ‘stranger things have happened’, get ready – Grammy-nominated musician and entrepreneur Akon has announced the launch of his own cryptocurrency, dubbed Akoin.

Thing is, the crazy news doesn’t just stop there; Akon has now confirmed plans to build a new, ‘crypto-based’ city on a 2000-acre plot located near the Senegalese capital of Dakar.

Akon (who is of Senegalese descent) first staked his presence in the cryptocurrency sphere earlier this week at the Cannes Lions International Festival of Creativity, where the musician quipped that “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system.”

The according ‘crypto city’, as envisaged by Akon, would see “Akoin at the center of transactional life… blend(ing) leading Smart City planning designs with a blank canvas for cryptonizing our daily human and business exchanges, towards inventing a radical new way of existence.”

A new website promoting the city describes the planned metropolis as “a real-life Wakanda,” and depicts mock-ups of citizens using an app to handle Akoin through withdrawals, deposits, and transfers.

Akoin Crypto City’s own description touts itself as a “stable currency alternative throughout Africa”, elucidating that it is “in development and has opportunities for crypto experiences to be painted throughout this one of kind city; a never before opportunity for brands, businesses and high-profile individuals to do amazing things in this closed environment, welcoming anyone looking to step into the future.”

As for Akon himself, however, the entrepreneur merely commented that “I come with the concepts and let the geeks figure it out.” 

Whether the lofty concept will come to fruition is anyone’s guess. However, both Akon and Senegal as a nation might prove an effective testbed for exploring the future of cryptocurrency in society.

While not a blockchain-based cryptocurrency, Senegal already relies on a digital currency dubbed the eCFA – an electronic version of the country’s paper currency, the West African CFA franc.

Additionally, Akon himself is no stranger to tackling larger-than-life problems with technology. The entrepreneur has previously spearheaded the adoption of solar power in African territories through his Lighting Africa project.