The concept of a “crypto-city” is no new in the industry. As we reported in one of our previous articles, an American rapper Akon was planning to launch one in Africa in order to boost the development of economy there. We still don’t know whether he succeeded in his endeavour or not, but this time we are going to tell you about something that seems way more likely to be pulled off.
As reported by The Sun, the Chinese government is currently developing an initiative, which involves building a Bitcoin city in Malaysia, destined to become the “tourist blockchain-destination of the future”.
The new settlement will be called Melaka Straits City. It is going to occupy 835 acres of land and become the first area in the world, where cash will be completely banned from using, and the first blockchain city in Asia.
This is a plan of the Melaka Straits City project.
The project was joined by the end-to-end mobility services company DMI, which took on the technological side of the plan. The firm launched a blockchain-based digital platform DMI and the eponymous tokens, pegged to it.
The newcomers to Melaka Straits City will have to use cryptocurrencies, DMI tokens in particular, to pay for goods and services. The conventional payment methods are not going to be available there. The exchange services for tourists will be located throughout the city, where fiat currencies can be exchanged into digital ones.
To simplify the whole process, DMI created both PC and mobile versions of their platform. It is supported by iOS and Android.
The authorities in charge of the initiative have big hopes on the first ever Bitcoin City. Besides being home to multiple businesses and technological developments, it is also believed to attract 3 million tourists in one year.
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