Akon has started his own cryptocurrency and finalised the agreement for Akon City in Africa. Picture: Getty Images/NY Post.

Akon has started his own cryptocurrency and finalised the agreement for Akon City in Africa. Picture: Getty Images/NY Post.

GRAMMY-NOMINATED singer Akon is confirmed to be building a futuristic city in Senegal - described as a "real life Wakanda" - and base its economy around a new virtual currency named after himself.

The well-known rapper finalised the agreement for 'Akon City' in Senegal this morning, with a post on Instagram, saying "looking forward to hosting you there in the future".

Singer musician Akon wearing an Adelaide Crows guernsey during a concert at the Adelaide Entertainment Centre.

The 46-year-old, who was born in the US but is of Senegalese descent and spent much of his childhood there, claimed it could be "the saviour of Africa", reports The Sun.

Akon hopes his new cryptocurrency Akoin will be at the centre of a "100 per cent crypto-based city"- that will be close to the Senegalese capital of Dakar.

Like bitcoin, the Akoin digital currency would function outside the realm of governments and traditional financial institutions, meaning it will "bring the power back to the people".

When speaking at a panel during Cannes Lions 2018, the Senegal-raised artist said: "I think that blockchain and crypto could be the saviour for Africa in many ways."

He said the technology "brings the power back to the people and brings the security back into the currency system".

Akon unveiled plans to build a futuristic city in Senegal and base its economy around a new digital currency named after himself. Credit: Akoin

The musician insisted that Akoin would "allow the people to utilise it in ways where they can advance themselves and not allow government to do those things that are keeping them down".

The new city will be created on 2,000 acres of land granted by Senegal president Macky Sall, according to the Akoin website.

Akon’s website describes it as a real life Wakanda – the hi-tech fictional African nation which served as the backdrop for Marvel's award-winning film Black Panther. Picture credit: Marvel / Disney via The Sun.

The site says that the city is 'within five minutes of the new international airport, close to the coast and a short drive from Dakar, the capital city of Senegal'.

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'This mixed use, masterplanned city, contains everything from residential to retail, parks, stadium, light manufacturing, universities, and schools.

The website describes it as a "real life Wakanda" - the hi-tech fictional African nation which served as the backdrop for Marvel's award-winning film Black Panther.

Parts of this article originally appeared in The Sun and were republished with permission.

Originally published as Akon is building his own city in Africa