In the latest cryptocurrency news, we are talking about the support that the Chinese government has towards the development of the Malaysian blockchain city. The city, which is located in the critical shipping lane of the Malaysian Malacca Strait, is announced to be built in a press release shared on April 26.
All of the construction and engineering will be carried out by the engineering company China Wuyi and investment network SWT International Sdn Bhd – both of which have joined the Chinese government-backed project of building the Malaysian blockchain city called Melaka Straits city. According to some rough details, the founders of this project are planning to raise 500 Malaysian Ringgits $120 million during its initial stage.
As the release notes, the entire infrastructure of the city will be based on blockchain technology. The Malaysian blockchain city will also have a DMI platform offering its native DMI coin. In the meantime, DMI will be used to pay government-based services in the city as well as feature an exchange that will help the Melaka Straits City tourists to change their fiat currencies for DMI coins.
The CEO of the project Lim Keng Kai was featured on many best cryptocurrency news sites for his statement. As he noted when asked about the development of this Malaysian blockchain city:
“Our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area.”
Meanwhile, China has been very active while increasing its presence in the Pacific region. The country has made a lot of investments in infrastructure and municipalities – and the Malaysian blockchain city is only one of them. Over the past seven years, reports show that China reportedly poured more than $6 billion in concessional loans as well as other forms of aid into the resource-rich Papua New Guinea and its Port Moresby, exploiting its natural gas, minerals and timber resources.
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