Malacca City, the capital of the Malaysian state of Malacca, has reportedly become one of the world’s first regions that’s being referred to as a “crypto city.” Notably, Malacca City is expected to attract approximately 3 million tourists per year. This, according to recent report from Bloxlive.tv, which revealed that visitors will be able to exchange fiat currencies for digital currencies “upon arrival.”
“Revolutionizing Economies With Crypto”
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.” According to the report, tourists have the option of using various applications to pay for goods and services within Malacca City.
Interestingly, the Chinese government is reportedly backing the development of the town, in order to “make it a blockchain tourist capital.” Currently, it seems that Malacca City’s crypto project is in its initial stages of development.
It may be considered just a proof of concept (PoC) at this point which involves experimenting with “crypto as a workable monetary system or it could be a decentralized tourism gimmick [and only] time will tell,” Bloxlive.tv noted.
Norwegian Town Also Experimenting With Crypto
As mentioned in Bloxlive.tv’s video, Malacca City is “not the only city betting on crypto to revolutionize its economy.”
For example, Liberstad, a Norwegian town, has started to develop its own “virtual asset ecosystem.” Liberstad’s community reportedly uses a crypto called “City Coin” to pay for everyday purchases within the city.
Dubai To Use Blockchain For 50% Of Transactions By 2021
The Middle Eastern city of Dubai, which is considered to be United Arab Emirates’ business hub, has also been planning to adopt crypto and distributed ledger technology (DLT) on a large scale.
In May 2018, Dubai’s government announced that it would use blockchain technology for approximately 50% of its transactions by 2021. As confirmed by Sheikh Mohammed bin Rashid Al Maktoum (at that time), the vice president and prime minister of the UAE, Dubai’s wide-scale adoption of blockchain tech is part of its ongoing technological modernization project called “Smart Dubai.”