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Akoin meant to replace fiat currency across the African continent, claims Akon

Arijit Sarkar

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Akoin to replace fiat currency across the African continent, claims Akon
Credit: Wikimedia

Alongside several financial and non-financial institutions finally embracing crypto, successful entrepreneurs from other business sectors have also taken the leap, with many launching their own brand of new cryptocurrencies. One of the most prominent figures in this space is renowned musician and record producer, Akon, who made a rare appearance in an interview to discuss his latest crypto-initiative, Akoin. When asked about the intent behind the coin, the songwriter stated,

“We’re trying to build a currency for the Africans and the whole (African) continent.”

Akon strongly believes that “a cryptocurrency is more stable than a fiat currency like the U.S dollar,” mainly because people have control of it. Staying in line with a majority of cryptocurrency advocates, the musician questioned the value of the U.S. dollar. He said,

“Who says that’s (dollar) worth anything? The government says so.”

Akon also claimed that the U.S government did not have any natural resources to back the U.S Dollar, unlike other countries with stronger gold reserves. Further, he stressed on the fact that he could buy “whatever I want to buy” with Bitcoin, as it stands equal with fiat currency “because the people say it is.”

Prior to his cryptocurrency initiative, Akon had also played a major role in developing Africa’s solar power infrastructure. Given Akon’s consistent efforts and Africa’s immense growth potential, Akoin token is being marketed as a coin that could potentially disrupt the existing altcoin ecosystem, if it witnesses mass adoption across Africa.

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Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem

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