A new massive blockchain project called Melaka Straits City is planned for Malaysia with fundraising of USD 120 million needed in its initial stage.
The idea is to make the blockchain city not only functional for a range of business enterprises and educational services, but also a major tourist attraction with the Ministry of Tourism of China predicting that 3 million tourists could visit it every year.
The city will be built on over 835 acres off the coast of Malacca in a project backed by the government of China and construction and engineering company China Wuyi. The plan is to allocate 200 acres of the marine area or building chalets and water recreation facilities. Malacca, dubbed “The Historic State”, is a state in Malaysia located in the southern region of the Malay Peninsula, next to the Strait of Malacca.
The features that give its unofficial “blockchain City” tag include a 32-hectare spread of land including kindergartens, colleges, universities, and student dormitories. Melaka Straits City will primarily be promoted as an educational center along with the tourist and sustainable development elements, which are the brainchild of the current owners of the land SWT International Sdn Bhd.
Over different periods Malacca was colonized by the Portuguese, the Dutch, and the British, and in 2008 it was included in the UNESCO World Heritage Sites List. Melaka Straits City’s official spokesperson Lim Keng Kai says that the construction will be futuristic, but also with a nod to Malacca’s rich historical past pointing out:
“That is why we’ve planned to build a distinctive cultural street in the center of the city. It will be inspired by the styles of different colonial eras and is going to make tourists familiar with Malaysian traditions and history.”
It is important to note that the Malaysian government has a high level of awareness regarding the crypto sector. Malaysia is still adapting to the spread of cryptocurrency with recent regulations introduced aimed at bringing more transparency to the sector in order to increase the trust level of investors.
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