Malaysia is reportedly set to become the site of the world’s first crypto city, where cash will be shunned in favor of a new cryptocurrency called DMI.
The government is developing 835 acres of Malacca City into a tourist destination for the crypto curious, reports The Sun.
“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 DMI coins when they arrive in the city…
Visitors 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.
Other similar projects are underway across the world as companies battle to create the crypto-destination of the future but the Melaka Straits City development aims to be the first blockchain city in Asia.”
The development is reportedly backed by the Chinese government, which strongly supports blockchain technology, but is extremely weary of crypto. Project lead Lim Keng Kai says,
“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.”
The development will be called Melaka Straits City. Upon entry into the blockchain city, tourists can convert their money into DMI through their mobile phones or computers.
“The DMI web application will be available on PC and the mobile applications will run on Android and iOS devices to provide flexibility regardless of the preference of the individuals.”
Developers anticipate the blockchain city will attract up to three million visitors a year.
Last year blockchain entrepreneurs launched a pilot called “Bitcoin City” in one of Europe’s largest shopping centers. Located in Ljubljana, Slovenia, the commerce complex is integrating cryptocurrencies as a payment option across its 4,000 retail shops and businesses.