Grammy-nominated singer Akon announced the launch of a new cryptocurrency, called Akoin, for use in his "Akon Crypto City," which is being developed in his homeland Senegal.
At Cannes Lion, during a panel titled "Branding Africa: Blockchain, Entrepreneurship and Empowering the Future", Akon said the digital currency will be available for sale in two weeks. The coin will be the central form of exchange in his proposed crypto city, which will be built in the 2,000 acres of land recently given to him by the president of Senegal.
The city is expected to be a first of its kind; a 100% crypto-based city with Akoin at the center of transactional life.
The platinum selling artist and philanthropist, who is behind Lighting Africa project with solar power, hopes the move would give further help to the African continent.
The singer of twelve Billboard Top Ten Hits, including the famous "Smack That,"said, "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."
Akon Crypto City, which is already in development, blends Smart City planning designs with a blank canvas for cryptonizing daily human and business exchanges.
Akon's Lighting Africa project provides solar power solutions throughout 18 countries to date in Africa.
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