The Chinese government is reportedly supporting the construction of a ‘blockchain city’ in the critical shipping channel of the Malaysian Malacca Strait, according to a press release shared with Cointelegraph on April 26th.
Construction and engineering company China Wuyi and investment network SWT International San Bhd. have jointly commenced the Chinese government-backed project to develop Malacca into a blockchain city called Melaka Straits City. Project leaders are planning to raise approximately US$120 million in initial funding.
The entire infrastructure of the city will reportedly run on a blockchain platform with native tokens, courtesy of mobility solutions firm DMI. DMI tokens would be used to pay for public services within the city. Visitors to Melaka Straits City would be able to exchange their fiat currencies for DMI tokens.
Lim Keng Kai, spokesman for Melaka Straits City, believes the project will help attract more tourists to Malaysia.
“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 said.
The spokesman added that the futuristic city’s construction will pay homage to its rich history.
“That is why we’ve planned to build a distinctive cultural street in the center of the city,” Lim disclosed. “It will be inspired by the styles of different colonial eras and is going to make tourists familiar with Malaysian traditions and history.”
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