In a move that’s surprised just about everyone in both the music and crypto industries, Grammy-nominated singer, Akon, has announced plans to begin construction of a Senegalese city that will run entirely on a brand new cryptocurrency of his very own — Akoin.

Having invested in Bitcoin in 2014, Akon (real name, Aliaume Damala Badara Akon Thiam) has been a supporter of cryptocurrency becoming mainstream for years now. The global economy being rocked by the novel coronavirus only strengthened his resolve on the issue.

“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. 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.”

Although plans for the city and AKOIN were mentioned as far back as 2018, confirmation of the project going ahead, thanks to a $6BN investment from KE International, was only announced in June 2020.

So what does a major move like this mean for the crypto landscape? Well, it’s a clear indicator that there’s both a desire and need for cryptocurrency ecosystems that centred around day-to-day spending rather than just trading.

Fortunately, currencies such as AKOIN and Dagcoin answer the call.