Development Of ‘Blockchain City’ In Malaysia Supported By The Chinese Government
Over 835 acres off the coast of the Malaysian city, Malacca, will soon be turned into a tourist blockchain-city with extensive infrastructure.
What’s peculiar about this project is that it was launched by China Wuyi and SWT International Sdn Bhd and supported by the government of China and several major corporations, including Poly and CCCC.
The idea is to make the blockchain city not only functional for a range of business enterprises and educational services, but also a major tourist attraction with the Ministry of Tourism of China predicting that 3 million tourists could visit it every year.
The plan is to allocate 200 acres of the marine area or building chalets and water recreation facilities. Malacca, dubbed “The Historic State”, is a state in Malaysia located in the southern region of the Malay Peninsula, next to the Strait of Malacca.
In total, 635 acres of reclaimed land will be used for the construction of Melaka Straits City. Another 200 acres of the marine area will be kept for building chalets and water recreation facilities. This territory belongs to the local company, SWT International Sdn Bhd. Its main areas of interest are tourism and sustainable development. The company’s activity is based on the innovative production of energy for further waste incineration.
Lim Keng Kai, the official representative of Melaka Straits City, said that the basis of the blockchain technology in the Melaka Straits City will be the DMI platform with DMI coin, a cryptocurrency collaboration between DMI and Melaka Straits City, which will mainly be used in payment of government-based services in the city.
However, DMI will also feature an exchange where tourists who visit Melaka Straits City can exchange their fiat currencies for DMI coins. Lim Keng Kai stated:
“When tourists visit Melaka, they will be required to exchange their money into digital currencies that they can use to pay for services using their mobile phones or computers. The DMI web application will be available on PC and the mobile applications will run on Android and iOS devices to provide flexibility regardless of the preference of the individuals.”