Akon’s new cryptocurrency Akoin aims to create more entrepreneurial opportunities in Africa and beyond

Singer and entrepreneur Akon, nearly a year ago, launched a new digital currency, Akoin.

In a white paper presented before the launch, Akon explained the mechanisms and mission of the new cryptocurrency. He said Akoin, like all other cryptocurrencies, is a block-chain powered cryptocurrency that aims to encourage “earning, spending, and saving opportunities across Africa and other lean economies.”

The Akoin Ecosystem of Decentralized Applications (DApps) and Applications (Apps) is designed to convert prepaid mobile minutes and fiat currency into cryptocurrency making it possible for users to create a diverse monetary ecosystem with ease.

Mobile minutes are a common commodity in Africa and a top trading tool in most African countries, according to the singer.

“We have so many currencies in Africa – a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits, and things on the market,” Akon told Cointelegraph.

Akon wants Akoin to be embraced as a form of payment and earning, especially in African countries that are gradually discarding their unreliable local currencies as a means of monetary exchange. By creating a larger platform for this, Akoin users will be able to trade on an international level with other users across the globe.

“Ultimately, outside of the villages, you really can’t trade cell phone minutes for anything,” Akon said. “So we want to utilize that same mindset to take advantage of that mechanism outside of Africa – so even when they leave the continent, they can be able to utilize all of their credits and really be able to purchase real things.”

The platform has a digital wallet that allows users to store, send, and receive crypto-assets. In the whitepaper. it was stated that the platform and token will beat traditional banking and service platforms in Africa. It will also help entrepreneurs across Africa to overcome economic challenges such as inflation and restrictive government regulations.

Akon told Cointelegraph that he also has plans to build Akoincity on 2,000 acres of land in Senegal. A move, he says will “unify the African economy.”

In a phone interview with Bloomberg News, Akon explained the motivation behind creating an alternative digital currency for Africans. He recounted an experience when he tried to convert Senegal’s currency to euros during a trip to Paris from Dakar. An employee at the currency exchange declined his transaction by responding, “unfortunately, we don’t take those.” Taken aback by this, Akon decided that it was time to do something about it.

“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 Akon. “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.”