Government ​of China is Supporting Malaysia For ‘Blockchain City’

Government ​of China is Supporting Malaysia For ‘Blockchain City’

April 29, 2019 Editor's Desk

The Chinese government is linked in the construction of “blockchain city” in the critical shipping lane of Malaysian Malacca Strait.

Blockchain city which would also be known as Melaka Straits city is jointly started by construction and engineering company China Wuyi and investment network SWT International Sdn Bhd which is backed by the Chinese government.

DMI platform is being made and is supposed to be used and the platform would also offer native DMI coin. The DMI coin will be officially used as a currency to pay government-based services within the city and feature an exchange that will enable Melaka Straits City tourists to exchange their fiat currencies for DMI coins.

The project CEO Lim Keng Kai said that “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.”

China has reportedly poured over $6 billion in the Pacific region which also includes resource-rich Papua New Guinea’s Port Moresby. Also, it’s a well-known fact that China has been expanding its presence in the Pacific region through investments in infrastructure and municipalities.

South Korea came up with a plan to launch a blockchain centre in Busan city which will be modelled on Zug-based crypto valley, an independent association established for cryptocurrency and blockchain development with the support of the government of Switzerland.

In February, the autonomous city of Norway adopted cryptocurrency to its blockchain powered smart-city platform as its official medium of exchange. A report by the International Data Corporation (IDC) indicates that spending on so-called smart city technology is expected to grow to $135 billion by 2021.

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