The world is well aware of China’s tenuous ties with crypto but the country has often experimented with the benefits of blockchain technology. It has earlier adopted this stellar technology to help tackle corruption in administration while adding to the traceability and accountability factors. Now, it seems that the Chinese government is quite enamoured with the promise of blockchain as, if reports are to be believed, it is backing a new project for building a “blockchain city” in Malaysia.
From whatever we can gather about this new development, it seems that this project will be set up in the city of Malacca in Malaysia. This city will then turn into a place where firms can test out blockchain technology solutions. The location of this city itself is quite strategic as it is located adjacent to a very important Asian shipping lane, the Malacca Street. This new “blockchain city” will be renamed the “Melaka Straits City”.
Moreover, the project is apparently being built as a rather large-scale one, and is expected to pave the way for the new Melaka Straits City to be run primarily on the basis of the blockchain technology. Apparently, the whole of the city infrastructure will be developed in such a way that it uses the blockchain under the the “DMI platform”.
This platform will be run and facilitated using the native token called the DMI token. This token will effectively be used as the city’s very own currency. The people who live in this city will be able to use the DMI token to pay for all government amenities and services within the city. The city will also have a crypto exchange to help out tourists who will need to exchange fiat currencies against the DMI Token.
This platform will also serve as the foundation for a native DMI token, which will purportedly be used as the city’s own currency. Residents will supposedly be able to use the token to pay for government-based services within the city. Moreover, the city will also feature an exchange, using which tourists are said to be able to exchange fiat currencies for the DMI token.
The Chinese government is supposedly backing the project, with China Wuyi, a Chinese engineering firm working on the development. Investment group SWT International San Bhd has also come on board and the parties are reportedly seeking $120 million worth of funding to carry out this development.
Project CEO, Lim Keng Kai, seemed quite certain that this project will help the country’s tourism industry. He said:
“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.”