Akon Launches 'AKoin' Cryptocurrency to Power Youth Entrepreneurship in Africa

Richard Bord/Getty Images for Cannes Lions
Akon poses after the Gabbcon session during the Cannes Lions Festival 2018 on June 18, 2018 in Cannes, France. 

Akon is launching his own cryptocurrency, "AKoin" in an effort to grow crypto-based apps in Africa to further bring economic power back to the continent.

The U.S.-born singer, who is of Senegalese descent and has spent years running Lighting Africa -- a project aimed at bringing solar power to African nations -- presented his plan for the digital cash currency at the the Cannes Lions International Festival of Creativity this weekend. 

With the cryptocurrency in place, Akon Crypto City would come to life -- a futuristic town being developed in 2,000 acres in Senegal. The city, gifted to Akon by President of Senegal Macky Sall, would run entirely on AKoin and be within five minutes of a new international airport, the website says. 

“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,” said Akon in a panel, according to Page Six.

Akon also mentioned running in the U.S presidential race in 2020 and his thoughts on Kanye West as a candidate. "I actually really want Kanye to run. I’m going to go after Trump and Kanye will get offended because he likes Trump and he’s going to go after me. Then I’m going to go after Kanye and then Trump’s going to get offended because he likes Kanye and he’s going to go after me," he added.

The singer also confessed that he was not scared of Trump and would face him in the ring. “I’m not scared of him. I would invite him into the ring. You know what? Matter of fact, let’s just go in the ring, Pay-Per-View… you guys can decide whether it’s gonna be a boxing match or MMA. Someone’s got to defeat the bully.”