Akon Developing Senegalese City That Runs On Cryptocurrency Called 'Akoin'
Akoin is designed to grant financial independence to African people.
Bitcoin and other cryptocurrencies have taken the world by storm, and now singer Akon is getting into the mix!
Akon has been pouring his life into his own Lighting Africa initiative, which strives to utilize renewable energy to improve the continent for its citizens. According to Akon, cryptocurrency may be the missing piece his project needs.
“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 said during a panel at the 2018 Cannes Lions International Festival of Creativity.
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With his self-named cryptocurrency, Akoin, Akon explained that he plans to build a city on 2,000 acres of land in Senegal, as provided by the Senegalese president, where residents will solely use Akoin.
According to Akoin’s website, the city is a short drive from an international airport, Dakar (the capital city of Senegal) and near the coast. The project promises to be a mix of “leading Smart City planning designs with a blank canvas for cryptonizing our daily human and business exchanges, towards inventing a radical new way of existing.”