The Chinese government is aiding in the construction of a “blockchain city” in the Malaysian Malacca Strait, an essential shipping lane to the country.
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“Our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination,” said Lim Keng Kai, the project’s CEO.
“We have the government approval to remediate this land and came up with some great plans for the area.”
The infrastructure of the entire city will utilize blockchain technology, including its own native token, DMI coin (DMI), which will be used to pay for all government services within the city.
The city will feature an exchange to allow Melaka Straits City tourists to exchange their fiat currencies for DMI.
Engineering and construction company China Wuyi, along with investment firm SWT International Sdn Bhd, are planning to raise $120 million during the initial funding round.
In the last seven years, its estimated China has invested $6 billion into several municipalities in the Pacific region, a region which is rich in minerals, natural gas, and timber resources.
In June, South Korea announced they will be launching a blockchain center in Busan, modeled on Crypto Valley, in Switzerland.
“we need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland,” said Oh Jung-geun, Chairman of the Korea ICT Financial Convergence Association.
In February, the a fully autonomous, anarcho-capitalist city of Liberstad, created its owned cryptocurrency to power their blockchain-based smart city.
According to a report by the International Data Corporation, technology related to “smart cities” is expected to grow to $135 billion by 2021.