Cryptocurrency
Singer Akon Is Launching a Cryptocurrency, Building Senegal City
As reported on Bloomberg, “When Grammy Award-nominated singer Akon tried to convert some of Senegal’s currency to euros during a trip from Dakar to Paris a few years back, he was met with resistance. An employee at the currency exchange counter in France told him, ‘Unfortunately, we don’t take those.’… “…The encounter served as a catalyst for one […]
As reported on Bloomberg, “When Grammy Award-nominated singer Akon tried to convert some of Senegal’s currency to euros during a trip from Dakar to Paris a few years back, he was met with resistance. An employee at the currency exchange counter in France told him, ‘Unfortunately, we don’t take those.’…
“…The encounter served as a catalyst for one of his newest ventures, Akoin, a cryptocurrency that will also be the local currency in Akon City, a 2,000-acre development in Senegal. While some other coins have promised but failed to upend the system of fiat currencies, the hope is that Akoin will be adopted across the continent and beyond, with a launch likely to happen in early July, according to Jon Karas, president and co-founder of Akoin.
“The American-born artist, who’s sold more than 35 million albums globally, spent his early childhood in Senegal before relocating to New Jersey. He rose to prominence in the early 2000s with the release of his debut album ‘Trouble.’ He’s had 27 songs on the Billboard Hot 100 and has collaborated with the likes of Lady Gaga, Eminem and Gwen Stefani, among others.
“Though his career spans more than a decade, some of his earliest hits, with titles like ‘Locked Up’ and ‘Lonely,’ saw a resurgence in recent months, becoming anthems for hordes of masses locked down in their homes amid the coronavirus pandemic. But recent events around the outbreak only acted to further sharpen his focus on the need for digital currencies, given that millions were hunkered down, unable to use cash and forced to shop online for necessities.
“’It just goes to show the relevancy of why digital currency is such a futuristic event and how this is the future as we’re moving forward,’ said the artist, whose full name is Aliaume Damala Badara Akon Thiam. ‘There are going to be digital currencies that will float through the whole universe that allow us to trade in a way that we’re already accustomed to — but now it’s going to be the norm.’
“Akon says he’s been a crypto fan for years (he invested in Bitcoin in 2014). He announced potential plans for Akon City in 2019 and finalized a land agreement with the Senegalese government earlier this year — though the government isn’t providing funding for the project nor does it have a stake in the coin, Karas said…”