Grammy award winner Akon to launch cryptocurrency 'Akoin'

Rapper and Grammy award winner Akon is all set to launch his own cryptocurrency, 'Akoin' and also aims to build his own 'Crypto City' in Senegal. He joins a long list of celebrities who have endorsed or talked about cryptocurrencies and he might be the first to offer his own.

Akon plans to build his own 'Crypto City', where all the transactions will be carried out in cryptocurrencies, in order to improve the living condition of people in Africa. While speaking at the Cannes Lions International Festival of Creativity in France, the solar energy entrepreneur and entertainer said that cryptocurrency and blockchain technology could empower people in Africa. The decentralised system will enable the people to advance themselves independent of the government.

According to Akon's official website, Senegal's president Macky Sall has granted 2,000 acres of land to him which will be transformed into a 'Crypto City' called, 'Akon Crypto City'. It will be the first city where a cryptocurrency will be the basis of transactions. According to the website, the location of the new city is within five miles of the country’s new international airport. It uses smart city designs and a blank canvas for “cryptonising” daily business and human exchanges. However, when questioned about the technical aspects of the blockchain technology, the rapper replied that those questions are for "the geeks", and he only provides the concepts.

However, building a 'Crypto City' might not be Akon's only strange plan for the future. Apparently, he also aims to run for the post of President in 2020 US elections. He said that he is ready to take on both Donald Trump and Kanye West- who has also expressed his intentions of running for President in 2020.

Earlier in 2014, Akon had co-founded Akon Lighting Africa with Samba Bathily and Thione Niang to provide an affordable and clean source of energy based on solar power.