Akon to Launch Crypto Token 'AKoin' for 'Akon Crypto City' - Bitsonline

Akon to Launch Crypto Token ‘AKoin’ for ‘Akon Crypto City’

The Senegalese-born American singer Akon is geared up to plunge into the cryptoverse with the upcoming launch of a crypto token dubbed AKoin. The AKoin token is envisaged to facilitate a new crypto-based city in Senegal. Lately, cryptocurrencies pose a rising alternative to fiat currencies, especially in economically underdeveloped or struggling countries. 

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Akon Crypto City Spread Across 2,000 Acres

As reported on Page Six, the popular rapper Akon announced the launch of the eponymous AKoin token at the Cannes Lions International Festival of Creativity. The token is slated to go up for sale in a matter of days, though the report was mum on the project’s technical particulars and the token sale details.

The singer and philanthropist Akon is positioning AKoin to be at the heart of a futuristic city, named Akon Crypto City, in his home country of Senegal. The Senegalese President Macky Sall is said to have donated a sizeable 2,000 acres of land for the purposes of developing the city. The AKoin token will be the city’s native currency, to be used for all daily exchanges.    

Akon noted of the endeavor:

“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, the self-described visionary of the project, added: “I come with the concepts and let the geeks figure it out.”

The Rise of Crypto in Africa

The AKoin token can support entrepreneurship and may bring financial stability to the region. New technology is often adopted quickly by developed nations, but, in many ways, it’s easier to in underdeveloped nations because building infrastructure from the ground up can be easier than changing entrenched or broken systems. Akon Crypto City hopes to put the latter dynamic to the test.

Indeed, in many ways, the African continent is shaping up to be the next frontier of proving grounds for digital currencies. Many African nations are battling high inflation, as in Zimbabwe, and a modest but growing amount of  citizens on the continent have come to see crypto and crypto-based entrepreneurship as viable alternatives.

Zimbabwe recently tried banning domestic crypto businesses not long ago, but other adoption dominoes have been dropping around the continent. Cardano backers IOHK is partnering with Ethiopia on blockchain projects. IBM is working on blockchain-powered microloans in Kenya. And more and more cryptoverse eyes are paying attention to the region, and within the region, accordingly. 

Look for the adoption dominoes to keep dropping, then.

Is cryptocurrency the best alternative to fiat currencies to date? Share your views in the comments section.

Images via Pixabay

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