$6 Billion Crypto Metropolis Of Akon – Crypto News – Crypto News
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$6 Billion Crypto Metropolis Of Akon – Crypto News

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3 years ago

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We are all familiar with the imaginary country of Wakanda. Similar to that, a new city is coming up named Akon City. It is developed in the western nation of Senegal. Funded and ideated by Akon, the African billionaire, and R&B artist, thus, his brainchild.

A detailed description of Akon city

The project, which will be located approximately an hour’s drive from the capital city of Dakar, is meant to be a high-tech, ecologically friendly city that will be constructed on a 2,000-acre property in the district of Mbodiène. The Senegal government gave the musician a gift of the 2,000-acre location.

According to reports, Akon and a group of investors are funding the project, which aims to act as a regional center for innovation, tourism, and economic growth. With a 6 billion USD budget, Akon first revealed his aspirations to build this futuristic city back in 2018.

With artificial woods surrounding the city and increasing its attractiveness in numerous ways, the city will also act as a shelter for the native flora and wildlife present in Africa.

A dream city

A cryptocurrency called Akoin (AKN), which is intended to be the primary method by which residents conduct transactions, will also be used in the projected city. It is created to be a pan-African currency and is based on the Stellar Lumens network. It will perform the roles of both a utility token and an ecosystem of resources and offerings for business owners.

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A multi-currency wallet and decentralized exchangeesupport the coin. Users can now store and trade AKN without having to deal with the difficulties or costs associated with conventional money exchanges. Holders of tokens will be able to exchange their AKN for fiat currency or buy talk time for their phones. Currently featured on BitMart, the token may be bought using significant cryptocurrencies,

Difficulties faced by this crypto city

Initially, the ideation of Akon city garnered a lot of enthusiasm among locals. However, with the passing of time, there has been no major progress made in the development of this dream city. A BBC report on the status of development called it a ‘land of grazing goats.’ Akon has been defending the slow progress by saying that it is because of the difficulties that came along with Covid 19.

The cryptocurrency Akoin has seen its own set of challenges. Data shows that after its introduction in 2020, AKN traded in the 0.14 USD to 0.15 USD range. The coin then had a significant increase in value in February 2021, when it surged to an all-time high of 0.5069 USD. Once the crypto winter struck in 2022, however, everything started to go terribly wrong. The value of AKN plummeted due to the challenging bear market. Since its inception, the coin’s price has dropped by 88%, to 0.017 USD at the moment.

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Additionally, there are some emerging problems with regard to the legitimacy of cryptocurrencies in Senegal. The CFC Franc is now the only legal tender in the country. The Central Bank of West African States is in charge of issuing and overseeing it.

Akon has been saying that he will fulfill all the legalities and make sure that his brainchild doesn’t die. He has also promised stakeholders about profits and returns. Akon continued by saying that progress was “100,000% going” and that he was looking forward to retiring in the metropolis he would build.

Conclusion

Akon City is a significant undertaking. If it succeeds, it will be crucial for boosting Senegal’s economy and enhancing the quality of life for its people. However, given the current state of affairs, it is impossible to predict when or even if the project will ever be finished.

Shourya mainly reports on Cryptocurrency Prices, NFTs and Metaverse. Graduated and post graduated in Journalism, she always wanted to be in business field. Connect with her at [email protected] or tweet at Shourya_Jha7

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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