Do you remember the futuristic crypto city of Akon? Here is the brutal reality after 7 years

Senegal has officially deleted Akons many hyped plans to build a futuristic, crypto-driven city on the Atlantic coast.

The West African country regains most of the country ever set aside for the project and the focus shifts to a reduced, private financed tourism hub.

“Real-Life Wakanda” no longer

First announced in 2018 and branded as a ‘real-life Wakanda’, Akon City Wilde Mbodiène, a quiet agricultural village about 80 kilometers from Dakar, transform into a $ 6 billion metropolis on Akoin Cryptocurrency. Plans include a city of solar energy with an ultramodern hospital, university, hotels, shopping centers and a marina.

After repeated delays, missed payments and a final ultimatum of Senegal’s Tourism development body Sapco in 2024, the Land Akon City ended. The Sapco General Manager, Serign Mamadou Mboup, confirmed”

“The Akon City project no longer exists.”

Most of the 136 hectares awarded to Akon in 2020 are now back under state control. Although the great vision of a futuristic crypto city in Senegal has ended, Akon is not running away. The singer retains eight hectares of the country as part of a revised plan with Sapco for a smaller development.

Senegal debt crisis is being deepened

The timing reflects the economic challenges of Senegal. The nation is struggling with a debt crisis after an audit of the state has unveiled $ 7 billion in hidden obligations under the previous administration, which has concluded access to credit markets and frozen imf financing.

Against this background, Sapco’s revised $ 1.2 billion plan will be highly dependent on private investors to transform the area into a tourism hub with hotels, apartments and a promenade that links to a nearby lagoon.

Despite the hype, the visible progress of Akon City was limited to a youth center, a basketball court and a small welcome center, as a result of which early Akoin buyers demanded repayments and some residents skeptical about big promises. The new plan is expected to create around 15,000 jobs in the first phase and offer a tangible chance for local investments and employment that even the largest crypto visions could not deliver.