The government of China supports the construction of a “blockchain city” in the critical shipping range of the Malaysian Malacca Strait. This development has been announced in one press release which was shared on the 26th of April.
Developing Malacca into a blockchain city
China Wuyi, which is an engineering and construction company, together with an investment network SWT International Sdn Bhd, jointly launched the project backed by the government of China, which has the purpose of developing the city of Malacca into a blockchain city, which will be called Malacca Straits City. The project’s founders plan to raise about 500 Malaysian Ringgits during the initial stage.
According to the press release, the whole infrastructure of this city is going to be blockchain technology-based, with DMI platform, which is going to offer its native DMI coin. DMI is going to be utilized to pay services based on the government within the whole city, and feature exchanges which are going to enable Malacca Straits City to exchange their fiat currencies for DMI coins.
Making Malaysia a world-class tourist destination
Lim Keng Kai, who is the CEO of the project, said that their company utilizes cutting-edge blockchain technologies, and integrates those into some traditional industry matters, to make Malaysia a world-class tourist destination. He said that they have the approval from their government to remediate the land and they came up with excellent plans for this area.
China expanded its presence in the Pacific region through certain investments in municipalities and infrastructure. During the last seven years, China poured about $6 billion in concessional loans, as well as some other help into resource-rich Port Moresby of Papua New Guinea, being eager to exploit natural gas, timber resources, and minerals.
During June of 2018, South Korea revealed its plans about launching a blockchain center in Busan city, which is modeled on the Crypto Valley based in Zug, which is an independent association which is established for blockchain and crypto development, with the right support the Swiss government.
Needed time to concentrate better on the cryptographic industry in China
Oh Jung-Geun, who is the chairman of the Korea ICT Financial Convergence Association, claimed that they need some space to concentrate better on the cryptographic industry in the country, such as the Swiss Crypto Valley.
During February of this year, the autonomous city Liberstad in Norway adopted crypto native to its blockchain-powered smart crypto platform is the official medium of exchange.
This private, as well as anarcho-capitalist city, has been founded in 2015, being part of the Libertania project that eschews government regulation and taxes. One report by the IDC or International Data Corporation indicated that spending on the so-called smart city technology was expected to increase to $135 billion by 2021.