China Supports ‘Blockchain City’ Development In Malaysia

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In the latest crypto news, the government of China has expressed its interest in providing support to the development of a so-called “blockchain city.” The latter, in particular, is going to be built in the critical shipping lane of the Malaysian Malacca Strait. Here is everything about it in a nutshell.

Introducing the Melaka Straits City

China Wuyi, a construction and engineering firm, will work alongside SWT International Sdn Bhd, an investment network, to deliver the project. The project, which is completely backed by the Chinese government, is going to bring forth a blockchain city that will be called Melaka Straits city. According to the official report, the founders of the said city is hell-bent at raising at least 500  Malaysian Ringgits ($120 million), a funding that they would be needing during the initial stage.

As per the report, the entire infrastructure of the upcoming metropolitan will be completely based on the popular technology. Interestingly, it will have its own DMI platform that would offer a native DMI coin.

The DMI coin, on the other hand, will be vital in paying government-based services within the Melaka Straits city. Even more so, it will feature a digital currency exchange that will give the city’s tourists the ability to convert all of their fiat currencies for the said coin.

According to Lim Keng Kai, the project CEO, the company is utilizing “cutting-edge blockchain technologies” and is even trying to integrate all of these into the conventional industry. By doing so, the company is confident that its efforts would turn the country into a world-class tourist destination.

Expanding China’s Presence

It is worth noting that China has since started its plans to expand its presence throughout the Pacific region. The country is doing this by simply providing investments aimed at municipalities and infrastructure. Over the past few years, the country has managed to bring forward at least $6 billion in concessional loans and other support into the resource-packed Papua New Guinea’s Port Moresby. Basically, the country is interested in exploiting timber, minerals, and natural gas resources.

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Just last June, South Korea unveiled its plans to develop a blockchain center strategically established in the popular Busan city, one that is based on the Zug-based Crypto Valley. The latter is basically an independent association established for the development of both blockchain and cryptocurrency. It seems more and more countries are starting to showcase their interest towards virtual currency and blockchain.