Grammy-nominated singer Akon has announced his entry into the cryptocurrency market. The vocalist is looking to create his own digital asset that will benefit those who cannot gain access to traditional financial services and tools.
Akon Was Inspired by a Recent Trip
Akon has been a huge crypto fan for years. He first invested in bitcoin in 2014 but says that his full appreciation for crypto technology didn’t arrive until a few years ago when he took a trip from Dakar to Paris. In his pockets, he had loads of Senegal’s native currency after arriving from the African nation and was confident that he would be able to transfer them to euros at a currency exchange so that he could utilize his finances while visiting the “city of love.”
Strangely, this wasn’t quite the case. He says he was met with resistance and anger from the currency exchange counter, who claimed that the transfer couldn’t be done, and that the Senegal currency would not be accepted. Naturally, Akon was shocked. In an interview, he states:
I’m like, ‘What?’ It just really opened my eyes. That really catapulted the energy to say, ‘We must have our own currency. I don’t care what it takes. We’re going to fix this.
One of the benefits of bitcoin and its altcoin cousins that’s repeatedly touted by many members of the cryptocurrency community is the fact that they are neutral and decentralized. While many financial institutions will look at a person’s history to decide if they can gain access to specific tools and services, bitcoin is autonomous. It doesn’t care what your history is like. It doesn’t care that you’ve missed payments in the past or that you don’t have much to your name.
All anyone needs to do is open a wallet or create an exchange account, and boom! They’re ready to begin accepting crypto.
The only problem is that many businesses do not accept crypto as a form of payment due to its volatility and vulnerability to heavy price swings. Akon is looking to change all this and has announced that he is working to develop what’s been dubbed “Akoin,” the new cryptocurrency that will be the official money of what he’s calling Akon City, a residential development in the country of Senegal.
Crypto Can Help the Whole World
Akon is hoping that the currency will eventually grow popular enough that it’s adopted throughout the entire African continent, not just Senegal. He says he’s looking to release the coin this coming July.
Akon says that the coronavirus has also inspired him to create the coin. The fact that so many were stuck inside and having to resort to online means to make necessary purchases really put things in perspective for the singer, who believes that a universal form of crypto could potentially benefit every population.