Malaysia to build the First Touristic Blockchain City

According to a recent article in FXEmpire Malaysia plans to build a blockchain enabled city across the 835 acre coast of Malacca. Malaca will be turned into a tourist blockchain city of the future supported by the government of China

Over 835 acres off the coast of the Malaysian city, Malacca, will soon be turned into a tourist blockchain-city with extensive infrastructure. The project was launched by China Wuyi and SWT International Sdn Bhd and supported by the government of China and several major corporations, including Poly and CCCC.

China Wuyi is a big construction and engineering company, a subsidiary of the Fujian Construction Engineering Group and one of the 250 largest international contractors according to the Engineering News-Record. The city project was designed by another large company, CPG Corporation. It is known for the development of a few popular buildings in Singapore such as Changi Airport, the Parliament House, and Solaris Business Park.

The authors of the Melaka Straits City project are planning to raise $120 million during the initial stage. Developers intend to make Melaka Straits City the leading tourist destination in Malaysia. The Ministry of Tourism of China foresees 3 million tourists to visit it every year. 5 gorgeous boutique hotels and about 100 villas with a beautiful sea view and private access to the beach will be built along the coastline.

Mr. Lim Keng Kai, the representative of Melaka Straits City state in an interview with FXempire, “Malacca is a city with a rich history, and we are willing to emphasize this. Shopping centers with a duty-free zone will be built in the city as well, which will not only attract visitors but also have a positive impact on the country’s income growth. Among other things, two hectares of land will be allocated for the construction of a national conference center. The tourist smart city attractiveness will also be reinforced by concert halls, golf courses, tennis courts, and racetracks.”

He addd, “The process of construction and subsequent development of Melaka Straits City will be carried out based on the blockchain technology. In order to create a first-class tourist destination, the developers are going to introduce this technology to the traditional industry. The basis of the blockchain technology in the Melaka Straits City will be DMI platform with DMI coin. It will mainly be used in payment of government-based services in the city. DMI will also feature an exchange that can allow tourists who visit Melaka Straits City to exchange their fiat currencies for DMI coins that they can use freely. “

The businesses and merchants in Melaka Straits City will have accounts and a unique QR code where tourists simply scan using their codes and make payments. This is easy mobile banking that can be done in seconds. The transactions will all be stored in the DMI blockchain where any issues that arise can be resolved.

The main purpose of the Melaka Straits City project is to build a tourist city based on blockchain technology. In particular, it implies the creation of a new tourist blockchain city brand which will enhance tourism development in the country and improve education.