Future tourist destination in Malacca will run on cryptocurrency payments
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.
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.
This Hong Kong practice is elevating design standards in China
Steered by the experienced Ronald Liang, LWK + Partners continues to be one of Asia’s most compelling design firms
6 best places to eat, drink, shop, and live in Hanoi
Hanoi’s expatriate hub has a winning blend of new residential options and great lifestyle amenities
Malacca will be home to a cashless blockchain city
Malaysian and Chinese developers plan to build a cashless tourist town that runs on blockchain technology
Data centres prove to be a profitable investment in developing countries
Developing countries are now taking data sovereignty into their own hands
BuildHer Collective co-founder shares how their company empowers women
An Australian-based firm founded by women to support women BuildHers and renovators
Asia’s unsustainable capitals prompt governments to consider relocation
The current situation in urban cities are forcing governments to consider moving out of town
Thailand revives old law to monitor expats’ whereabouts
The recently revived TM30 immigration may have ruffled some expat's feathers, but many still prefer to stay in the coop