China Backs Malaysian Blockchain City Development

Asia Blockchain Review
May 17, 2019

China’s government is reported to be supporting the development of a blockchain city in the vital shipping lane of Malaysia’s Malacca Strait.

According to Cointelegraph, China Wuyi, a construction and engineering company, jointly launched the China-backed projected with investment network SWT International Sdn Bhd, with the aim of developing the city of Malacca into a blockchain city known as Melaka Straits City. The project’s founders are looking to raise US$120 million in the initial phase.

The city’s entire infrastructure is to be based on blockchain technology, with a DMI platform offering its native dmicoin. DMI will be used to pay for government-based services in the city and feature an exchange which will allow tourists to Melaka Straits City to exchange their fiat money for dmicoins.

Project CEO KK Lim says the company is using cutting-edge blockchain technologies and integrating them into the traditional industry in order to transform Malaysia into a “world-class tourist destination,” adding that the government has approved the land’s remediation.

China has been expanding its regional presence through investments in infrastructure and municipalities, having reportedly poured US$6 billion in concessional loans and other aid into Papua New Guinea’s Port Moresby over the past seven years. The country is rich in natural gas, minerals and timber resources.

In June 2018, South Korea unveiled plans to establish a blockchain center in the port city of Busan, modeled on the independent Zug-based Crypto Valley association, which was set up for crypto and blockchain development with the support of the Swiss government.

In February 2019, Norway’s autonomous city of Liberstad adopted as its official medium of exchange a cryptocurrency native to its blockchain-powered smart city platform.

Source: cointelegraph.com

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