Akon finalises plans for a new ‘crypto city’ in Senegal

Akon – the rapper and musical artist perhaps best known for his albums and less for his Lighting Africa initiative – has now solidified his plans to build a ‘crypto city’ in his ancestral homeland of Senegal.

The city – which is intended to be the first in world to exclusively use cryptocurrency as a means for payments throughout its jurisdiction – will use an Akon-branded cryptocurrency dubbed (unsurprisingly) Akoin to facilitate transactions.

The Senegalese government has officially granted Akon himself with around 2,000 hectares of land in which the city will be built. The initiative is intended to promote opportunities and a financial ladder for youth – as cited by the musician himself, “Young entrepreneurs are everywhere, now, with Akoin, they have both a currency and a platform to help them make a positive economic and social impact.”

Akon previously issued first word of the plan in 2018, in which the star elaborated his vision for a cryptocurrency-centric city. However, no whitepaper of the cryptocurrency’s mechanics has ever been published nor how it will be used or initially sold or funded – making its existence purely hypothetical.

Despite the lack of a true ‘crypto city’, other cities around the world have embraced cryptocurrency to some degree. In 2018, the city of Dubai in the United Arab Emirates launched EmCoin as a bid to promote local trade, and on the level of nations, China is said to be planning to unveil a digital version of its own currency – the Yuan – in short order.

What are your thoughts? Could a ‘crypto city’ exist and survive on its own? Be sure to let us know your thoughts in the comments below!