Akon City Project Canceled by Senegalese Government
- Akon City project canceled, $1B tourism project planned with SAPCO support.
- Land repossession by SAPCO, Akon retains eight hectares for new plan.
- No significant impact on major cryptocurrencies, limited Akoin adoption.
Akon’s ambitious $6 billion crypto city in Senegal has been officially canceled after seven years, prompting a shift by SAPCO to a more modest $1 billion tourism venture.
This cancellation reflects challenges in executing large-scale projects reliant on cryptocurrency without sufficient backing, underscoring the need for realistic planning and funding in African tech initiatives.
The Akon City project in Senegal has been officially canceled by SAPCO, with a $1 billion tourism development proposed as its replacement.
The cancellation underscores challenges in realizing ambitious crypto-based city projects in emerging markets, with minimal impact on the broader cryptocurrency market.
$6 Billion Crypto City Dream Ends in Cancellation
The original Akon City project, launched by musician and entrepreneur Akon, aimed to develop a $6 billion cryptocurrency-powered city in Senegal. Over years, promises of progress dwindled without visible results.
In 2025, SAPCO, the government body behind coastal development, announced the project’s cancellation, retaining most land while Akon maintains eight hectares for a different venture.
Shift from Crypto as $1 Billion Tourism Plan Unveiled
The cancellation led to land repossession by SAPCO but did not disrupt major cryptocurrencies or DeFi markets, as Akoin failed to achieve blockchain adoption goals.
Financial expectations were significantly reduced; Akon now plans a $1 billion tourism project, supported by SAPCO, aimed at economic stimulation without reliance on crypto assets.
Lessons from Failed Crypto-City Initiatives Like Uganda
Similar ambitious projects, like Uganda’s “Crypto Savannah,” struggled with transparency and funding, highlighting the challenges faced by crypto-focused urban developments.
Experts suggest such projects often fall short due to poor management and unrealistic expectations, with Akon himself admitting management lapses in handling Akoin.
“It wasn’t being managed properly. I take full responsibility for that.” — Alioune Badara Thiam (Akon), Founder, Akon City
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