Everything you need to know about Akon City, the $6 billion crypto metropolis under development in Senegal

The Akon City project is a proposed real estate project in Senegal, Africa. It was dreamed up by R&B artist and entrepreneur Akon. According to publicly available information, the project intends to be a high-tech and environmentally sustainable city that will be built on a 2,000-acre site in the Mbodiène region, about an hour’s drive from the capital Dakar.

Thanks to the Marvel Universe, we are all familiar with the nation of Wakanda. It is a fictional country located in the jungles of Africa and kept hidden from the rest of the world in case foreign invaders come looking for it.

Something very similar is developing in the West African nation of Senegal. It may not come close to the fantastical exuberance or technological advances of Wakanda, but it draws inspiration from the fictional country depicted in the comics. The project is called Akon City and is the brainchild of popular singer Akon. Follow along as we tell you more about this project and where it currently stands.

Akon City: A Detailed Guide

The Akon City project is a proposed real estate project in Senegal, Africa. It was dreamed up by R&B artist and entrepreneur Akon. According to publicly available information, the project intends to be a high-tech and environmentally sustainable city that will be built on a 2,000-acre site in the Mbodiène region, about an hour’s drive from the capital Dakar. The 2,000-acre site was presented as a gift from the Senegalese government to the R&B singer.

The project is reportedly funded by Akon and a group of investors and is intended to serve as a hub for innovation, tourism and economic development in the region. Akon unveiled his plans to develop this futuristic city in 2018, with a proposed budget of $6 billion.

A cryptocity

The proposed metropolis will also use a cryptocurrency called Akoin (AKN), which is expected to be the main component through which citizens will transact. It is built on the Stellar Lumens ecosystem and is designed to be a pan-African currency. It will function as a utility token and also serve as an ecosystem of tools and services designed for entrepreneurs.

The coin is backed by a multi-currency wallet and a decentralized exchange. This allows users to store and trade AKN without facing the hurdles or fees of traditional money exchanges. Token holders will be able to convert their AKN into fiat currencies or buy talk time for their cellphones. The token is currently listed on BitMart and can be purchased using major cryptocurrencies such as stellar, bitcoin, ether or with a credit or debit card.

What will Akon City be like?

Akon City will feature luxury homes, healthcare services, high-rise buildings, green tourist spots, state-of-the-art office space and much more. Not only that, but the entire city will also be powered by sustainable energy resources. The city will also serve as a haven for native flora and fauna found in Africa, with artificial forests covering the city and enhancing its beauty in many ways. In short, the project is really ambitious and the fact that such a futuristic development will take place in Africa is even more attractive for the world.

COVID-19, the cryptocurrency winter and other roadblocks

Although Akon City has been greeted with great fervor among the locals, there hasn’t been much progress since the R&B artist unveiled the project in September 2020. A BBC report describes the project as a “crumbling crypto dream”. He says the land on which a thriving city was to be built is currently home to grazing goats. When questioned, Akon cited the pandemic as the main cause of the delay.

As for Akoin, the cryptocurrency has run into a number of difficulties. According to data from CoinMarketCap, AKN hovered around the $0.14 range after it was launched in 2020. The coin then experienced a huge spike in February 2021, when it hit its all-time high of $0.5069 . However, things went all the way downhill once the crypto winter hit in 2022. The difficult bear market sent AKN’s valuation plummeting. The coin is currently trading at $0.017, an 88% drop since its launch.

Also, there are some teething problems about the legality of cryptocurrencies in Senegal. For now, the only legal tender in the nation is the CFC franc. It is issued and regulated by the Central Bank of West African States (BCEAO). According to an article by Yahoo Finance, the BCEAO has raised concerns about digital assets, warning institutions of the “dangers of adopting cryptocurrencies” and calling them “illegal”. This could be a big deal for Akon City and its proposed currency Akoin.

But the dream is still alive

Akon assured stakeholders that the project is still ongoing and that the dream is alive and well. According to him, the pandemic only delayed everything by two years. On the issue of using cryptocurrencies in the Senegalese jurisdiction, the artist responded by saying that he will make sure that all the necessary legalities are in compliance with the government rules and regulations. Akon went on to say that the development was “100,000 percent on the go” and said he couldn’t wait to retire to the city of his own creation.

Conclusion

Akon City is an ambitious project. If it succeeds, it will play a key role in driving Senegal’s economy and improving the lives of its citizens. However, as things stand right now, it is unknown when the project will be completed, or if it ever will be.

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