Singer Akon to Launch Cryptocurrency: Akoin

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Singer Akon to Launch Cryptocurrency: Akoin

Akon, the pop musician, is preparing to become the next star to go into the world of digital money. Several years ago, the singer enjoyed a run of successes, including “Smack That,” but he has since committed an increasing portion of his time to giving back to African communities. Now, “Akoin” may also be a part of that providing.

At this year’s Cannes Lions International Festival of Creativity, Akon revealed intentions to establish Akoin. While the currency itself is still lacking in public specifics, such as how and when it will be introduced, Akon has said that he expects that Akoin would be able to assist support another of his projects, Akon Crypto City.

According to CoinDesk, Akon Crypto Metropolis is Africa’s first “100% crypto-based city.” Akon earlier remarked that “blockchain and cryptocurrency might be the salvation for Africa in many respects, since [they] return power back to the people.” He went on to say that these technologies restore “security to the financial system” and let “the people to use it in ways where they can develop themselves, rather than allowing government to do those things that are holding them down.”

2,000-Acre City

Akon Crypto City will be built on a 2,000-acre plot of land set aside by Senegal’s president, Macky Sall. Akon has Senegalese ancestors.

Akon Crypto City, according to the Akoin website, will be a “real life Wakanda” (in reference to the fictional city featured in Black Panther comic books and the recent hit movie).The city will include numerous typical city elements, such as residential structures, schools, parks, and retail businesses. Akon sees a city powered by Akoin, but he is content to leave the specifics and logistics to others; when asked how the cryptocurrency would assist to ease city operations, he stated, “I come with the notions and let the geeks work it out.”

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Previously, the 45-year-old musician started the Akon Lighting Africa initiative. This initiative, which began in 2014, aims to solve the continent’s electrical shortages. Akon said that giving back was his major emphasis, advising others to start their careers with “what you’re best at… not what you want to accomplish.” Build your job first, then pursue your passion.”

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the writer to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns bitcoin and ripple as of the day this post was published.

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