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Chinese+Government+to+support+Malaysian+Blockchain+City+

Chinese Government to support Malaysian Blockchain City

 

Per a recent report, Chinese Government is all set to support the development of a blockchain city in the Malaysian Malacca Strait. The news was announced in a press release. 

China Wuyi and investment network SWT International Sdn Bhd recently joined the Chinese government-backed project. The project seeks to transform the city of Malca into a blockchain-centric city called Melaka Straits City. The founders expect to raise  500  Malaysian Ringgits ($120 million) during the initial stage.

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."

The report mentions that the entire infrastructure will be based on blockchain. Moreover, payments on the blockchain platform will be made using the native DMI coin. Also, they will be used to pay for government-baed services and the city will also have an exchange for tourists to exchange their fiat currencies for DMI coins. 

Per earlier reports, China has been working earnestly to increase its presense in the Pacific region with investments in infrastructure and municipalities. In the past 7 yeats, China has spent a staggering $6 Billion in loans and other resources into resource-rich Papua New Guinea’s Port Moresby. The reason for which being, to tap into its natural gas reserves, minerals and timber resources. 

In June, 2018 South Korea had planned to launch a blockchain centre in Busan city modeled on the Zug-based Crypto Valley. Chairman of the Korea ICT Financial Convergence Association Oh Jung-geun claimed that 

“We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland."

In February, Norway’s autonomous city Liberstad adopted a cryptocurrency native for  its blockchain-powered smart city platform. Furthermore, a report by the International Data Corporation revealed that blockchain spends will grow to $135 billion by 2021.

In another news reported by CoinMarketFeed, Chinese City Guangzhao recently issued a blockchain license using blockchain and AI. The license has been reportedly issued at the administrative center of Huangpu District. Further, this is the first business license issued using blockchain and AI in China. 

The report further mentions that Huangpu District piloted its commercial service blockchain platform and it has reduced the bid submission time and has also helped avoid double submissions. 

The license purportedly allows startups to file an application, and simultaneously open a bank account. In addition, to submitting a tax invoice application using a WeChat mini-program.