Musician Akon says he’s planning to release a new cryptocurrency named after himself – called Akoin.

Speaking at the Cannes Lions Festival on Monday, the Locked Up singer said he believed cryptocurrency could be “the saviour of Africa”.

AKoin’s official website said the singer wants the app “on every mobile phone” between now and December.

And Akon said he is also planning to build a “crypto city” in Senegal which he calls “a real-life Wakanda”.

The website said Akon has been “gifted” 2 000 acres of land by the President of Senegal to build the city which is also named after himself.

Akon Crypto City will apparently be “a short drive” from Dakar, the capital of Senegal.

Just like Wakanda in Marvel’s Black Panther, Akon promises said his city will be a “futuristic environment”.

He calls it “the first 100 percent crypto-based city with AKoin at the centre of transactional life”.

Under the “Akoin Ecosystem”, consumers will be able to buy, hold and spend cryptocurrency straight from their smartphones.

Akon explained “it brings the power back to the people and brings the security back into the currency system”.

However, Akon admitted he didn’t know all the technical aspects of his new venture.

What is cryptocurrency?

  • Cryptocurrency is a digital or virtual currency that operates independently from a central bank.
  • It uses cryptography (the conversion of information into an almost uncrackable code) to secure and verify transactions, making it extremely difficult to counterfeit.
  • The first and probably most famous cryptocurrency is Bitcoin, which was created by an unknown person using the name Satoshi Nakamoto in 2009.
  • Several celebrities have endorsed or invested in cryptocurrency.

AKoin is one of many projects Akon has announced in Africa.

While he was born in Missouri, Akon is of Senegalese descent and spent much of his childhood there.

In 2007 he co-founded the Konfidence Foundation, a health and education charity for underprivileged children in West Africa and the United States.

He also co-founded the Akon Lighting Africa project in 2014, which Akon’s site says has brought solar power to 18 African countries so far.