Grammy-nominated singer Akon is banking on digital currencies to help to build Akon City.
Speaking to Bloomberg News, Akon talked about his struggles with the Senegal currency at currency exchanges. He narrated an instance from Paris when he was returning from Dakar. At the time, he wanted to covert Senegal currency to Euros but was told at the counter that the currency is not accepted there. Senegal and several other French-speaking countries in West Africa use the CFA francs. At the time, Akin recalls having been left with a handful of CFA francs and no options for the exchange.
The 47-year-old artist said, “It really just opened my eyes.
“That really catapulted the energy to say ‘We have to have our own currency. I don’t care what it takes — we’re going to fix this.’”
The launch of Akoin
Akon is working on his new venture called Akon. The cryptocurrency will become the native currency of a 2,000-acre development in Senegal called Akon City. The president and co-founder of Akoin, Jon Karas, said that some other coins have also promised to upgrade the existing system of fiat currency but failed. However, they hope that Akoin will be adopted across the continent. He also said that the launch will take place in early July.
Akon was born in the US but spent his early childhood in Senegal. He eventually relocated to New Jersey and became an artist, selling 35 million albums. His debut album “Trouble” made headlines in the early 2000s. He has collaborated with other popular artists like Eminem and Lady Gaga and marks 27 songs o the Billboard Hot 100.
Akon’s hits have recently gained popularity once again. During the lockdown, his songs ‘Lonely’ and ‘Locked Up’ resurged once again as people found solace in them while being locked down in their homes. The lockdown has also helped people take a second look at digital currencies. Akon said that digital currency said that digital currencies are the future. The singer invested in Bitcoin in 2014. However, the Akon City project will have not to get any government funding. The authorities will also not have any stake in Akoin. The company executives will retain 10% of the coin while 10% will be floated via a public sale.