In a world first, a Blockchain city is being built in the Malaysian city of Malacca, where cash is banned and tourists will only be able to use Cryptocurrencies when they arrive.
The new development, which is backed by the Chinese government, intends to turn 835 acres of the Malaysian city into the “tourist Blockchain destination of the future”.
The new area will be named Melaka Straits City, and will boast a large number high end, luxurious high-rises, man made lagoons and all the other luxuries that come with a popular tourist destination.
Melaka Straits City not only intends to be a tourist destination but also to be used for businesses and for educational purposes.
Visitors to the city will have to know how to use Blockchain technology in the form of the DMI coin in order to pay for any public services during their stay. Travellers to the city can exchange their normal fiat currency for DMI coins when they arrive.
Liam Keng Kai, an official representative of Melaka Straits City has stated,
“When tourists visit Melaka, they ill be required to exchange their money into digital currencies that they can use to pay for services using their mobile phones or computers”. Backers behind the new project are intending to make the new city the biggest tourist destination in Malaysia, expecting it to attract 3 million visitors per year”.