US-based Senegalese singer and producer, Akon has joined the league of celebrities that are a major part of the digital currency craze. Although most celebrities that are associated with digital currencies are only ambassadors of whatever digital currency they represent, Akon has taken it a step further. The singer is about to launch his own cryptocurrency. The announcement of the impending launch of Akon’s cryptocurrency was made known at Cannes Lions. This digital currency will be known as Akoin and will not just be a regular digital currency; it will be the official currency of Akon Crypto City. Akon made it known that one of his reasons for launching his own cryptocurrency is to contribute to the development of the African continent.
How Akoin can help the African Continent
The launch of Akon’s cryptocurrency is not the only thing that the R&B star has been up to in recent times. He is also involved in a power project which is known as the Lighting Africa Project. This project is all about making solar power available to people on the African continent.
According to Akon, cryptocurrency, as well as blockchain, can play major role in helping Africa overcome the issues of poverty and insecurity. Akon made it known that cryptocurrency can help transfer power to the people and also restore the security of the currency system. During a panel, Akon also explained that with the help of Akoin, the African people can stop relying on the government to help them with their challenges.
How valuable will Akoin be?
If Akoin never makes it to the top of the crypto pecking order, it will definitely be valuable on the African continent. According to the Akoin site, a futuristic city known as Akon Crypto City is already being developed on a 2000 acre of land close to Dakar, the capital city of Senegal. This huge piece of land was given to the singer by the Senegalese government and will be the first city to make use of a digital currency as its major currency. The implication of this is that other currencies which are made use of in other parts of Senegal and the world will be of no real value in Akon Crypto City, thereby, shooting up the value of Akoin. Although this sounds quite unrealistic, the “Smack Down” singer has responded to lots of questions regarding his involvement in the development of Akoin. He explained that all he does is provide concepts while the geeks try to make something out of the concepts provided.