Akon to launch his own cryptocurrency
Many famous people have long been seeking to release their own cryptocurrency. The enormous popularity of digital currencies, multiplied by their creator's fame, could generate significant gains. Akon, an American singer of Senegalese descent, also decided to try his luck and create a token.
However, the singer’s project is not limited to the launch of his own cryptocurrency. He intends to build the whole city in Senegal, Akon City. For the construction of a new futuristic metropolis, the African authorities have already granted 1,600 acres of land near the local international airport. Akon City is set to become a special tax zone with tax breaks to be given to the city to encourage investment. As for the digital currency, the idea came to Akon after he had tried but failed to convert some of Senegal’s currency to euros during a trip from Dakar to Paris a few years ago. This served as a catalyst for one of his newest projects, Akoin, a cryptocurrency which would be a local currency in Akon City.
In June, Akon announced that the development of the city would be carried out in two phases. The first phase which includes the construction of a school, a waste facility, hotels, and roads will be completed by the end of 2023. The second phase which is scheduled to come to an end in 2029 will make it possible to use the new cryptocurrency.