Malaysia is set to become the site of the world’s first crypto city, with the government said to be developing 835 acres in the state of Malacca.
According to The Sun UK, the ‘Malaysian bitcoin/crypto city’ is targeted as a crypto tourist city where cash will be shunned in favour of a new cryptocurrency called DMI coin. Here, visitors and tourists will through Andriod, iOS and PC apps pay for services with their phones and computer using cryptocurrency. The city is billed to attract over 3 million crypto-tourists yearly.
The publication reads:
DMI is a company that provides mobile enterprise, business intelligence and cybersecurity services and it has collaborated with the Melaka Straits City on this project. Visitors will be able to exchange normal money for the city’s virtual coin (DMI coin) when they arrive the city…Vistors will have to know how to use blockchain technology in the form of the DMI coin if they wish to pay for any public services during their stay.
Interestingly, the development of the crypto city is said to be backed by the Chinese government which strongly supports blockchain technology; on which the Malaysian state of Malacca will avail the platform to be the ‘tourist blockchain-destination of the world’.
Aside tourism, the city will host businesses, education services in line with the crypto and blockckchan literacy, advocacy and adoption initiative. This project is not the only type currently being developed in the world as there are ongoing similar projects, notably the Liberstand in Southern Norway. However, the Melaka Straits City development aims to be the first blockchain city in Asia.”
It is expected that the crypto city will demonstrate the Bitcoin and cryptocurrency working economy as a complete practicable monetary system.