Something exciting is booming in Malacca City, the capital city of Malacca in Malaysia. This famous destination is now referred to as one of the first places on earth to be called a ‘crypto city.’ In fact, the buzz is so much that about three million tourists are expected to visit in just one year alone. But the sheer scale of the visits is not the only thing; all these tourists are going to be able to exchange their fiat currencies for digital currencies immediately they arrive at Malacca City. Talk of a city for the future.
Transforming Nations with Cryptocurrencies
Also, the tourists going to Malacca City will be able to use their ‘virtual funds’ for their transactions. But there are some regulations here and there to ensure that all transactions are properly done. All the cryptocurrencies must be traded into the Malacca City digital asset, better known as ‘DMI Coin.’ The tourists will have an alternative to making use of different applications to make payments for goods and services.
The Chinese government surely does not want to be left out of deals that will change the future. In order to achieve this, China has reportedly given its support to the establishment of the city. This is so that it will become what is referred to as the blockchain tourist capital. At the moment, it looks like Malacca City’s cryptocurrency project is still in its early phases.
The observation at the moment is that it can be seen as nothing more than a proof of concept (PoC). This will include carrying out experiments with cryptocurrencies in order to ensure that the system is a functional system. It can also be arranged as a decentralized tourist attraction, but the precise workings can only be known in the future as everything takes shape.
Norway Also Joining the Crypto Team
As mentioned earlier, Malacca City is not the only city where the administrators are counting on crypto assets to change things around for good. Another similar case is a city in Norway called Liberstad. This state has commenced the development of its own ‘virtual asset ecosystem.’ As a matter of fact, the residents of Liberstad already make use of cryptocurrency referred to as ‘City Coin’ for all their daily transactions. This online trading is valid as long as they are in Liberstad.
Dubai To Utilize Blockchain for Half of Transactions by 2021
Dubai is the business headquarters of the United Arab Emirates and for a city known for futuristic projects, it is no surprise that Dubai is also planning big for crypto exchanges. The city is already setting plans in place to make use of crypto and distributed ledger technology (DLT) on a massive scale. No one is surprised because Dubai likes doing everything on a mega scale.
The announcement for this move came in May 2018 when the government of Dubai stated that it will be using blockchain technology to power about 50% of its transactions by 2021. According to Sheikh Mohammed bin Rashid Al Maktoum who is now the vice president and prime minister of the United Arab Emirates, it is all part of a project called ‘Smart Dubai’.