Akon has released his own Cryptocurrency, called Akoin.
The online digital currency – as with many others – uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating outside of a mainstream bank.
Since retiring from music in 2010, the musician has spent a great deal of time doing charity work, bringing 21st-century stability and infrastructure to different parts of Africa, specifically Senegal. Now, the ‘Smack That’ star wants the entire country to run on his digital currency.
Speaking to Vice, he said: “This coin is focused specifically on Africa. Businesses that could be utilized in Africa, the population that can be using it in Africa, and, more importantly than anything, the entrepreneurs that can be developed and honed in Africa.”