Malaysia is building ‘Asia’s first blockchain city’

Future tourist destination in Malacca will run on cryptocurrency payments

DMI coins will power services in Melaka Straits City. Lukasz Stefanski/Shutterstock

Malacca will soon host a blockchain-powered tourist destination.

Melaka Straits City, an 835-acre (338 hectares) development in the southwestern Malaysian metropolis, will have public and civic services that run on DMI coin, a cryptocurrency.

“The main purpose of the Melaka Straits City project is to build a tourist city based on blockchain technology. In particular, it implies the creation of a new tourist blockchain city brand which will enhance tourism development in the country and improve education,” said Lim Keng Kai, representative of Melaka Straits City, in an interview with FX Empire.

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Melaka Straits City has the backing of the Chinese government, which expects 3 million visitors a year to the development. Launched jointly by construction company China Wuyi and property developer SWT International Sdn Bhd, the project will be home to five boutique hotels, 100 villas, and a water theme park, among others.

The DMI platform will serve as the basis of blockchain technology in Melaka Straits City. Tourists will need to exchange their fiat currencies for DMI coins that can be used to pay for services via smartphones or computers. Merchants will be equipped with unique QR codes that customers can simply scan and make payments.

All transactions will be stored in the DMI blockchain, easing resolution of issues should they arise.

With Melaka Straits City, Malacca will be following the example of cities like Zug in Switzerland, home to renowned cryptocurrencies such as Ethereum.