The Chinese Government allegedly supporting the development of a "blockchain city" in the vital shipping lane of the Malaysian Malacca Strait. The development was released via a press release on April 26. Malaca, which covers over 835 acres off the coast of the Malaysian city will soon be converted into a tourist blockchain-city with a great infrastructure.
The most important thing about this project is that it is started by Construction and Engineering firm China Wuyi and Investment Network SWT international Sdn Bhd backed up by the Chinese Government. The main goal is to convert the city of Malacca into a blockchain city known as Melaka Straits City. The founders of the project are aiming to raise 500 Malaysian Ringgits ($120 million) at the initial stage.
According to the press release, the whole infrastructure of the city will be based on blockchain technology, including DMI platform offering native DMI coin. DMI will be used to pay government-based services within the city and also provide an exchange which will allow Melaka straits city tourists to exchange their fiat currencies with DMI coins.
The plan is to develop blockchain city which is functional for a different type of business enterprises and educational services along with a leading tourist attraction with the Ministry of Tourism of China expecting that 3 million tourists could visit each year.
The idea is to assign 200 acres of marine area for building chalets and water recreation facilities. Malaca, known as the "The Historic State" is a state in Malaysia situated in the southern region of the Malay Peninsula, next to the Strait of Malaca.
Lim Keng Kai, who is the CEO of the project said,
"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."
He further stated,
“When tourists visit Melaka, they will be required to exchange their money into digital currencies that they can use to pay for services using 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.”