Music executive and entrepreneur Akon has officially secured an agreement with the Senegalese government to build his own city, named Akon City. The city, which is being developed on 2,000 acres of land gifted by Senegal’s president, will use Akon’s cryptocurrency, AKOin, as its main form of trade. AKOin was launched by Akon in 2017.

Why is Akon City significant?

It will be the first city in the world to exclusively trade using cryptocurrency, in a continent where cash transactions still dominate. The city will run on renewable energy through Akon’s solar project and will feature its own international airport. Located near Senegal’s capital, Dakar, the city is set to be developed in stages, with construction of the first phase starting in March 2019, and the second phase scheduled for 2025. Akon City has drawn comparisons to the fictional Wakanda from Marvel’s superhero movie.

The cost of the project remains undisclosed, but it is speculated that building such a futuristic city would require billionaire-level investment, as it is not state-funded. Although Akon is estimated to be worth $80 million, he has downplayed the importance of labeling wealth, suggesting that being a billionaire means little if one doesn’t use the wealth to address societal issues.

Akon’s wealth comes from his successful music career, his record label, endorsements, and ventures like his Konvict clothing line and AKOin cryptocurrency, which he envisions will become widely adopted in Africa.

Is Akon taking a big risk?

Cryptocurrency adoption in Africa remains limited, with South Africa and Nigeria leading the way. However, physical cash is still the preferred form of payment across the continent, and cryptocurrency has often been viewed with skepticism. Whether Akon will be able to attract Senegalese and other Africans to his futuristic city remains uncertain, but he has expressed that his goal is to uplift Africa and its people through innovative development.