The Senegalese-American Musician and millionaire Akon is forging ahead with his plans to construct a crypto city in his native Senegal. Dubbed “Akon City”, the project will utilize the Akoin cryptocurrency.
The grand plan for the $6 billion city was first announced in 2018. It was intended to bring digital payments to Africans who are unbanked. Akoin’s value was initially set at $0.28, but it has since dropped to $0.012 as of its launch on BitMart’s exchange in September 2021.
Despite cryptocurrency not being recognized as legal tender in the US, Akon is determined to make sure his project is compliant with all the relevant regulations. “I want to make sure that however we involve crypto within the city, it aligns with all the rules and regulations,” he told the BBC. “I plan to retire in that city,” he added. “I don’t like the word[s] ‘The king’ of the city. But That’s how it will end up being.”
However, Akon has admitted that the progress of the city has been hampered by the Covid-19 pandemic, and that he rushed the project without proper management. “We are trying to build the city as quickly as possible,” he said, noting that the Senegalese president has “co-signed” an agreement to lease land for the project for 50 years. Aliou Sow, director general of the country’s tourism board, has declared that “We believe in Akon Town and we are all supporting Akon to bring Akon Town to life.”
The Akoin cryptocurrency has faced criticism, however. Before the launch, the project ran a pre-sale campaign called the Token of Appreciation (TOA), which aimed to fund the creation of the coin. Promising investors that every $1 invested would convert to four Tokens of Appreciation, the project reportedly raised nearly $300,000. However, according to some investors, they have not received the refunds they requested.
Akon has reassured customers that their money will be refunded. “I would do a world tour just to pay them back,” he said.
