Akon is Building Real-Life Wakanda Cities Using His Own Cryptocurrency

Akon may have become famous for his song “Lonely” however the Senegalese American recording artist will never walk alone once his plans for building tech cities in Africa come to fruition.

At the end of 2020, he went public with the news that he had received the go-ahead to build a $6 billion smart city in Senegal, aptly name Akon City. The city, he said, would be a veritable real-life Wakanda, offering opportunities for the youth to be educated, encouraging technology advancement in Africa, and running entirely on cryptocurrency.

Rolling Out Wakanda 2.0

Earlier this month Akon was once again in the news with an update on his plans for the “Akon City” concept, saying:

“My true calling is to develop Africa, whatever it takes.”

The singer intends to franchise out the building of these smart cities across Africa, working with like-minded investors to see the continent become the jewel it has the potential to be. According to the philanthropist, 'Akon City 2' was greenlit by the local government and will be built in Uganda.

Uganda’s Minister of State for Lands, Housing, and Urban Development, Isaas Musumba, supported Akon’s announcement saying:

“A place suitable in Uganda that has not-less-than one square mile will be made available to him and his team so he can harness resources and investments, attract investors, manage the project, and have a city.”

With the full support of the local authorities and with the investment capital of Julius Mwale, a colourful figure in African business to say the least, the development of Akon City 2 is well underway.

Your Bitcoin is No Good Here

While Akon is no longer churning out billboard hits, he has taken his wealth and invested it in the development of Africa. In addition to his plans for Akon City and Akon City 2, he has bought a diamond mine in South Africa, created a solar power company with locations across the continent, and launched his own cryptocurrency, Akoin (AKN).

Akoin is not only available for purchase on the open market but is also the official currency of both Akon cities. With his vision for a sustainable smart city, Akon felt that bringing over paper money as the means of transacting was outdated.

At present, the only way to practically use crypto-cash in daily life is to sell it and convert it into an equivalent fiat currency. However, according to the digital currency’s roadmap, the Akoin Card will launch in the last quarter of this year, well in advance of the completion of the planned cities.

All That Glitters

While the plans for Akon City and Akon City 2 all revolve around creating education and employment opportunities, there are those who are concerned that at inception it may be out of the financial reach of the local populace.

Akon has not been shy to admit that his intention is for the cities to appeal to international jet setters, making it a must-visit African destination, much like Rhodesia was in the seventies.

However, he does not feel that appealing to the wealthy and still being home to the locals are disparate ideals saying:

“Ultimately, when you create an opportunity, people grow with that opportunity, people learn with that opportunity, people are motivated with that opportunity.”

While the idea of an equal society for all is great in theory, Senegal has a GDP per capita of $1430 while Uganda’s is less than $700. Ensuring that these communities receive upliftment that aligns with the development of these proposed smart cities is a task that will require advisement and engagement from the best economists and educators the world has to offer.