Senegalese-American singer and philanthropist Akon has provided an update on the progress of Akon City, a $6 billion futuristic city in Senegal that will run entirely on cryptocurrency. He says the city will resemble Marvel's Wakanda from the movie 'Black Panther' in more ways than its futuristic appearance, as it aims to empower Africans.
City Blueprint: 5,000-Bed Hospital and Renewable Energy
Akon told TMZ that the 'Black Panther' movie helped him secure investment. 'This movie literally made an idea of what Africa could really be,' he said. 'It’s just ironic that I was already working on this before the movie came out, but it’s something that helped me a lot when I was trying to explain to people what I was trying to do.' The centerpiece of Akon City is a $1 billion hospital with 5,000 beds. Phase one construction includes homes, hotels, schools, police and fire stations, an airstrip, a mall, a waste facility, a solar power plant, and all other hallmarks of modern cities. Akon plans for the city to be renewable, with a focus on solar energy.
U.S. engineering firm KE International was awarded a $6 billion contract to build Akon City. The company previously said it had already secured $4 billion from investors for the first two phases. KE International is also building the $2 billion Mwale Medical and Technology City (MMTC) in Western Kenya, a green city with a 5,000-bed hospital that recently partnered with the Akoin platform. MMTC is already 85% complete, according to Akon. Akon expects phase one of Akon City to be completed by 2023, and the entire city, running fully on the Akoin cryptocurrency, by 2029.
Akoin Cryptocurrency: Key to Africa's Digital Economy
At the heart of Akon City is the Stellar-based Akoin cryptocurrency. Akon aims for Akoin to become a common payment method, enabling easy exchange between Africa’s 54 countries, allowing citizens and entrepreneurs to engage in the digital economy with just a mobile phone. The Akoin wallet uses proprietary atomic swap technology for direct transfers between partner cryptocurrencies without needing a major exchange.
During a Binance virtual conference last month, Akon explained how Akoin will empower Africans. He reiterated that cryptocurrency 'could be the saviour for Africa in many ways,' helping overcome high inflation, government mismanagement, and corruption. Many African fiat currencies suffer rampant inflation and are difficult to exchange. Akon noted that when he visited Senegal, he could not exchange West African CFAs into euros, which inspired him to create his own cryptocurrency. The Akoin wallet app includes an internal conversion system for cryptocurrencies, fiat, and even prepaid cell minutes—which are widely used as currency across Africa. The app also allows users to 'learn, earn, spend, and save.'
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