Senegalese entertainer Akon, who now resides in the US, recently became part of a growing list of celebrities who have entered into the crypto realm. Although Akon has joined influential celebrities like boxing champion Floyd Mayweather and American actor and film producer Steven Seagal by becoming involved with cryptocurrencies, he has actually gone an extra mile. That’s because Akon himself is about to launch his own cryptocurrency. The famous singer and producer announced this plan at Cannes Lions, an International Festival of Creativity held in France.

Akon has decided to call his own cryptocurrency Akoin. Notably, Akon says that his own digital currency will be the official token or coin of the singer’s city called Akon Crypto City. According to the singer, he has decided to launch his own cryptocurrency because he would like to help the African continent further develop and grow. In addition to launching his own crypto, Akon has been a part of implementing a power project called Lighting Africa Project. Reportedly, the goal behind this project is to help the continent’s people effectively harness and utilize solar power.

Blockchain and Crypto Instrumental in Fighting Poverty

Per the R&B sensation, blockchain technology along with cryptocurrencies could be instrumental in lifting Africa, which is sometimes called the “dark continent”, out of poverty and instability. In fact, Akon said that cryptocurrency and blockchain’s immutable, public ledger could shift the focus of power from the ruling “elite” to the average person or citizen. The singer thinks that crypto could also help to fight the crippling effects of extremely high levels of inflation, or even hyperflation as we see now in Zimbabwe and Venezuela. He noted during a panel discussion that once Akoin has been successfully launched, the citizens of Africa would be able to gradually move towards true financial independence by not being so dependent on the actions of their governments. Akon stated:

“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 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.”


Akoin’s Future Value Undetermined

Whether or not Akoin will rank among the top cryptocurrencies is yet to be determined. However, the coin or token might have some practical value considering that Akon intends for it to be the preferred medium of exchange in his Akon Crypto City. The city is situated in Dakar, the capital of Senegal. The 2000 acre property was given to the singer by the nation’s government, and will reportedly be the world’s first city to use a cryptocurrency as its main form of currency, or medium of exchange.

At this point, it’s not entirely clear if other fiat currencies generally accepted worldwide and even other cryptocurrencies will be accepted in the futuristic city. Should only Akoin be accepted in Akon Crypto City, then it could help drive the price of the coin upwards. Commenting on his role as far as developing his own cryptocurrency, the “Smack That” artist said that his developers work out all the technical and implementation details of the concepts he envisions for his crypto.