The wave of celebrities jumping into the cryptocurrency game continues, as Grammy-nominated pop star Akon recently announced plans for his own Akon Cryptocurrency, called Akoin. Interestingly, Akon’s cryptocurrency doesn’t exist only in the digital world. He also plans to build a real-world city entirely around his cryptocurrency.
Akon Cryptocurrency: Akoin
Akon first announced his plans to launch Akoin while speaking on a blockchain panel at the Cannes Lions festival in Cannes, France.
In his talk, he said he conceives of Akoin as a way to address economic challenges in his home country of Senegal. In particular, he said Akoin would make it easier for Senegalese folks to start their own businesses. Additionally, Akoin could make it easier and safer to carry out personal and business transactions.
“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,” he said at the festival.
He added that cryptocurrency “also allows the people to utilize it in ways where they can advance themselves and not allow the government to do those things that are keeping them down.”
A City Built on Cryptocurrency
Interestingly, Akon’s plans for Akoin extend far beyond the worlds of blockchain and cryptocurrency. If Akon follows through on his plans, Akoin will be at the heart of an entire city.
As outlined on Akoin’s website, Akon Crypto City is already under development. The city will reportedly be built on a 2,000-acre tract of land. The parcel was given to Akon by Macky Sall, Senegal’s President.
Akon Crypto City is reportedly located within a 5-minute drive of Senegal’s new international airport. Similarly, the city will be located near Senegal’s coast outside the capital city of Dakar.
While Akon hasn’t released full details yet, planners said that Akoin will play a central role in all aspects of the new city. In fact, they said the city will use Akoin exclusively, making it the world’s first-ever crypto-based city.
Crypto Gaining Ground in Africa
Akon cryptocurrency is part of a growing crypto trend in Africa. More and more, it appears that people in African nations are embracing cryptocurrency.
According to many experts, crypto is becoming increasingly popular in many African countries. Analysts say there are several reasons for this growing popularity. For starters, crypto could offer an attractive alternative to national currencies. Having such an alternative could go a long way in countries that deal with frequent fluctuations in currency values.
Similarly, some see cryptocurrency as a chance to get in early on the next big global tech boom. Additionally, crypto could offer a quick way for consumers and business owners to connect to international financial and business networks. Whatever the case, Akoin, and Akon Crypto City could both be important testing grounds. Most immediately, these projects could open up new ways to use crypto for economic revitalization at the local level. More broadly, these projects could provide the first glimpse of what it would look like to use crypto as the primary form of currency. Seeing as Petro is the new national currency in Venezuela, this might not be too far off. Seeing the influx of rappers and artists (including Soulja Boy) getting hyped about crypto, this might be a great step into mass adoption.