Rise of the CRYTPO CITIES: New tourist city will run ENTIRELY on cryptocurrency


The Malaysian city of Malacca, backed by the Chinese government, is set to turn 835 acres into the ‘tourist blockchain-destination of the future’ – Melaka Straits City. It will utilise blockchain technology in the form of the DMI coin, which will be used to pay for public services. It is the latest in a series of destinations that have turned to crypto to run their civic economies. The project aims to be the first blockchain city in Asia.

Lim Keng Kai, an official representative of Melaka Straits City, said: “Tourists in the city will have to exchange their money for digital currencies, which they can use to pay for services using their mobile phones or computers.

“The DMI web application will be available on the PC, and the mobile applications will run on Android and iOS devices to provide flexibility regardless of user preferences.”

The backers behind Melaka Straits City say their aim is to make it the leading tourist destination in Malaysia.

China’s Ministry of Tourism estimates a total of three million visitors per year.

In February a ‘private city’ in Norway announced it would ditch cash for its own cryptocurrency.

Liberstad, which was established in June 2017 in the south of the Scandinavian country, is a self-proclaimed libertarian city.

A form of digital cash, cryptocurrency uses encryption to secure transactions and control the creation of new units.

It uses cryptography, a form of secret coding originating from the Second World War, to process transactions securely.


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