- Akon City, worth $6 billion, will be constructed in Africa’s Senegal and run exclusively on the Akoin cryptocurrency
- The Akon City project aims to create jobs for Senegalese people and serve as a ‘home back home’ for victims of racism
- All expenditures in Akon City will be via Akoin, a cryptocurrency, which will act as a common medium of transfer between Africa’s 54 countries.
In a recent announcement, star singer Akon has shared that construction for Akon City, his dream cryptocurrency themed city in Senegal, will begin next year.
A Glimpse inside Akon City:
Akon City’s official website states that it will be divided into seven major districts: the African culture village district, the offices and residential district, the district entertainment , the health and safety, the education , the technology and the Senewood.Accompanied by a team of officials, Akon recently visited the construction site, which has taken in, so far, approximately one-third of the total $6 billion worth of investment that Akon and engineering firm KE International locked in at the start of the year.
Progress of Akon’s Dream Project
Phase I of the construction is scheduled to begin by early 2021, with 2024 as the projected completion year; and the entire crypto city is expected to be complete by 2029. The futuristic crypto city will house everything- be it schools, hospitals, police stations, parks, universities, a technology hub, stadium, a seaside resort and recording studios, amongst other facilities and amenities. All expenditures in Akon City will be via Akoin, a cryptocurrency, which will act as a common medium of transfer between Africa’s 54 countries.
All About Akoin
Akoin was launched in 2018 with an aim to build an entire ecosystem around Akoin, including building Akon City and other such endeavours to support young entrepreneurs. As the website describes, the cryptocurrency will enable African citizens and entrepreneurs to engage with the digital economy with a few clicks on the smartphone. The digital currency is now a part of approximately1,600 cryptocurrencies trading across the globe with an impressive market capitalization of $267 billion plus.
This digital currency also has its own wallet which enables users to trade amongst partnered cryptocurrencies internally. This is made possible with the support of a proprietary and private atomic swap technology that makes a direct transfer with all major cryptocurrencies without having to go through a major exchange.
The Senegalese-American star and philanthropist has also shared his aspirations to uplift Senegal economically through setting up Akon City, especially with a view to create a ‘home back home’ for Black Americans and other victims of racism.