Record label executive and entrepreneur, Akon, has finalised an agreement with the Government of Senegal to create own city, Akon City. The city is being built on a 2,000-acre land, which was a gift from the Senegalese president, and upon completion, the residents and businesses would trade in Akon’s Cryptocurrency, AKOin, which he founded in 2017.
What’s the big deal about Akon City? The City would be the first in the world to trade only on cryptocurrency in a continent where physical cash still holds sway on the population.
Just finalized the agreement for AKON CITY in Senegal. Looking forward to hosting you there in the future pic.twitter.com/dsoYpmjnpf
— AKON (@Akon) January 13, 2020
The Akon City will also operate on renewable energy with Akon Solar project with own international airport, which is not far from Senegal’s capital, Dakar. The music start explained that the city, which is expected to take-off in 10 years, would witness several developments in stages, as the first stage already underway since March 2019, while the second stage will start in 2025.
The city has been likened to Marvel’s fictional-superhero movie, Wakanda, which is uniquely different from the world.
How much will it cost? While Akon has been tight-lipped as to the cost of the City, it is believed that the building of the futuristic city can only be afforded by a billionaire since it’s not state-sponsored.
The Grammy award nominee is rated as a millionaire with about $80 million worth. But in his response to the worth of the project, he said, “I always felt like if you have to label yourself a billionaire, I don’t even think billionaires label themselves one. Because you have no idea [how much you’re worth],” he said in an interview with Nick Cannon.
Akon also said Billionaires, who can’t cater to the needs of the people and solve a problem, are wasting their billions. Akon’s source of income could be traced to his career as an artist, his music label, and endorsement apart from other investments like Konvict clothing line and AKOin, which he envisioned will become an official trading currency in African years from now.
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Is Akon taking a big risk? Cryptocurrency hasn’t gained much ground in Nigeria. Although South Africa and Nigeria are leading the park on the penetration of cryptocurrency, African countries still prefer physical cash as the internet-enabled currency has often been flagged as a scam.
So how the musician will lure Senegalese and other Africans to situate in the futuristic city remains unseen except if his target are not Africans but as he as often said his investment is to lift Africa and Africans through development.