Published on : Tuesday, May 7, 2019
Alternatively, tourists visiting Malacca City will be able to use their own “virtual funds.” However, all cryptocurrencies “must be traded into the city’s virtual asset” which is referred to as the “DMI Coin.” Tourists will get the option of using various applications to pay for goods and services within Malacca City.
Interestingly, the Chinese government is backing the development of the town, in order to “make it a blockchain tourist capital.” Currently, Malacca City’s crypto project is in its initial stages of development.
However, Malacca City is “not the only city betting on crypto to revolutionize its economy.” Liberstad, a Norwegian town, has started to develop its own “virtual asset ecosystem.”
Liberstad’s community uses a crypto called “City Coin” for paying for daily purchases within the city.
Dubai, which is considered to be United Arab Emirates’ business hub, is also planning to adopt crypto and distributed ledger technology (DLT) on a large scale.
In May 2018, Dubai’s government announced that by 2021, it would use blockchain technology for approximately 50% of its transactions.
Tags: Malacca City