AKON City will be fueled by Akoin, “the crypto ecosystem to empower Africa” which is meant to “create opportunity and inclusion for youth entrepreneurs”.

Akon, a Senegalese-American musician and businessman, also global national, has finalized the agreement with the the Senegalese government to build his own city on 2000 acres of land gifted to him by the President of Senegal, Macky Sall.. The city is to be powered fully by his cryptocurrency, the Akoin. He said this through his twitter account in a tweet on JANUARY 14th, 2020.

Akoin, the cryptocurrency described as “the crypto ecosystem to empower Africa” is meant to “create opportunity and inclusion for youth entrepreneurs” according to their website. It was created by Akon,” a Grammy nominated, producer, entrepreneur, ulti-plantinum selling artist and a philanthropist that founded and grew Akon lighting to provide scaled solar solutions throughout 18 African countries”- (Akon.io).

Africa is one of the continents that houses major mineral resources like gas, diamonds and cobalts among others and these resources are supposed to command wealth for Africa; but, completely the opposite has been the case. Africa is the poorest continent with 34 poor countries out of the 49 poorest countries of the world. More than 40 percent of its population live on less than a dollar per day. Africa is also known for terrorism and civil wars.

Nonetheless, the Akoin ecosysyem intends to solve the problem of hardship in birthing businesses by young entrepreneurs: this has affected sustainable development for a while now. The ecosystem combines real life and digital tools to earn, save and spend cryptocurrency. It would be beneficial to exchanges at it would serve as a multi crypto wallet and a wallet to trade Akoin. It would be a transacting currency with less volatility and good value. Adoption on different marketing platforms for brands thereby increasing Akoin adoption. All these were stated on the website to increase sustainable development.

Akon, the Senegalese rapper named the city after himself and he stated that the city would be a fully-based crypto city with Akoin as the legal tender in the city. According to him, the city will not be far from the country’s capital at Dakar. The AKON CITY would have an airport within the 2000 acres it will occupy and Akoin would be used in making transaction within the city. He emphasized that there would be more on the Akon lighting Africa solar power projects.

The rapper believes that the idea will bring power back to the African people make the currency system more secure and efficient. It would also make people independent of the government by improving and developing themselves. On the formalities of the project he said he only came up with the idea and that he would leave the experts to figure it out and handle the execution. Akon also showed interest in running for presidency. According to Akon, the project would last for ten years and it would be in two stages; the first has commenced already and the second would start in 2025.