Chinese Government Backs Development of ‘Blockchain City’ in Malaysia
The Chinese government is purportedly backing the construction of a “blockchain city” in the the Malaysian Malacca Strait.
Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd have jointly launched the Chinese government-backed project aimed at the development of the city of Malacca into a blockchain city called Melaka Straits city. The founders of the project are planning to raise 500 Malaysian Ringgits ($120 million) during the initial stage.
According to the press release, the entire infrastructure of the city will be based on blockchain technology, with a so called DMI platform offering its native DMI coin. DMI will be used to pay government-based services within the city and feature an exchange that will enable Melaka Straits City tourists to exchange their fiat currencies for DMI coins.
Lim Keng Kai, the project CEO said that “our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area.”