Senegalese-American music superstar Akon is spearheading the effort to create “Akon City,” the first of what could become multiple futuristic, sustainable, utopian smart cities in Africa that operate with a new cryptocurrency – Akoin – as the bedrock for the entire economic and financial infrastructure.

 

Although work on Akon City began before the release of the popular American film Black Panther, many people, including Akon himself, now refer to Akon City as the real-life “Wakanda,” the film’s fictional east-African nation that is highly technologically advanced. Its goals are lofty: operate self-sufficiently via renewable energy; turn Africa into the next tourist hotspot; become a haven for the Senegalese people; encourage African entrepreneurship; offer a home for African Americans facing discrimination in the US; have Akoin create financial stability in a region with dozens of volatile fiat currencies; and the list continues.

 

As the team behind Akon City plans to break ground in early 2021, the city is projected to be fully complete by 2029. With $6 billion USD already invested, the potential for Akon City is seemingly limitless. However, a number of critical risks must be carefully considered so that Akon City and other privately funded ‘new cities’ in Africa reach their goals without unintended negative consequences.