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Musician Akon warns against celebrity-backed cryptocurrencies

Senegalese-American singing star Akon has warned against celebrity-endorsed cryptocurrency – as he prepares to launch his own branded Akoin to the world.

Boxing legend Floyd Mayweather is just one celebrity to have been caught up in a cryptocurrency controversy in recent years for his work with Centra, which claimed to have partnerships with Visa and Mastercard and that it was working on creating a cryptocurrency you could spend at stores like a debit card.

DJ Khaled was also involved in Centra, while veteran actor Steven Seagal had his fingers burnt for an association with Bitcoin.

46-year-old Akon, who was speaking on the sidelines of the Sharjah Entrepreneurship Festival

Akoin, which is expected to be launched early next year “on every exchange” and even in ATMs, is built to be a worldwide platform but is initially targeting Africa, in particular, aimed at supporting African youth as well as combatting corruption.

Akon said the continent boasts 15 percent of the world’s population and is the most valuable region in the world in terms of under- and above-ground resources, yet it remains among the poorest.

He revealed the minute the idea came to him to create his own cryptocurrency, when he was unable to spend his French-printed Senegalese CFA in an airport in France