Developments

Chinese backed tourist city to run completely on cryptocurrency

Malacca, a Malaysian city backed by the Chinese government is set to turn 835 acres into the “tourist blockchain-destination of the future”. This will see the city run completely on cryptocurrency.

Malaca will be run completely on the blockchain technology and payments will be done with DMI coin, the city’s coin. This will make the city the first in Asia to be run fully on the blockchain technology.

According to Lim Keng, a representative of the city;

” Tourists in the city will have to exchange their money for digital currencies, which they can use to pay for services using phones or computers… The DMI web application will be available on PC and the mobile application will run on Andriod and IOS devices to provide flexibility regardless of user preferences.”

Malacca will, however, not be the first city to run completely on cryptocurrency. In the past, other cities including entire islands have developed and tested similar concepts.

Some other cities around the world with a significant Bitcoin usability rate include; Hong Kong, Amsterdam, Buenos Aires, Toronto and Zug.

Zug, for example, is a city in Switzerland and though with only 30,000 residents, it is said to be one of the most technologically advanced cities in the world. Known as the “Crypto Valley“, Zug is the headquarters to some of the top cryptocurrencies including Ethereum.

It was also the first city to accepts cryptocurrencies for the payment of taxes.

Malacca being run fully on cryptocurrencies isn’t much of a surprise as Malaysia has been on the forefront when it comes to regulating cryptocurrencies.

The country for example recently pushed forward with laws aimed at regulating ICOs and the trading of cryptocurrencies in the country.

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coinmag

Kinsley is an MSc student in Information Management and a blockchain consultant. He is a lover of big data with particular interests in disruptive technologies like blockchain technology and Artificial Intelligence.

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