World’s first ‘Bitcoin city’ where cash is BANNED hopes to attract 3million ‘crypto-tourists’ a year
A BLOCKCHAIN city is being built in Malaysia in which tourists will only be able to use cyrptocurrency.
The development, backed by the Chinese government, intends to turn 835 acres of the Malaysian city of Malacca into the 'tourist blockchain-destination of the future'.
The area will be called Melaka Straits City.
Visitors will have to know how to use blockchain technology in the form of the DMI coin if they wish to pay for any public services during their stay.
Other similar projects are underway across the world as companies battle to create the crypto-destination of the future but the Melaka Straits City development aims to be the first blockchain city in Asia.
Melaka Straits City is also intended to be used for businesses and for educational services as well as tourism.
What is Bitcoin?
Bitcoin got you baffled? Here's what you really need to know
- Bitcoin is a virtual currency
- It's traded between people without the help of a bank
- Every transaction is recorded in a public ledger, or 'blockchain'
- Bitcoin is created by mining
- Mining involves solving difficult maths problems using computer processors
- Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities
- A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly
- Bitcoin is one of many different cryptocurrencies, but by far the most popular
Lim Keng Kai, an official representative of Melaka Straits City, said that the blockchain technology that visitors can use in the area will be the DMI platform with a DMI coin.
DMI is a company that provides mobile enterprise, business intelligence and cybersecurity services and it has collaborated with the Melaka Straits City on this project.
Visitors will be able to exchange normal money for DMI coins when they arrive in the city.
Kai said in a : "“When tourists visit Melaka, they will be required to exchange their money into digital currencies that they can use to pay for services using their mobile phones or computers.
"The DMI web application will be available on PC and the mobile applications will run on Android and iOS devices to provide flexibility regardless of the preference of the individuals.”
Backers behind the project are aiming to make it the biggest tourist destination in Malaysia and expect it will attract three million visitors a year.
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Earlier this year, more than £100million in digital cash went missing from a dead Bitcoin trader's laptop.
And, Britain’s first "Bitcoin Baby" earned £3,000 in just two weeks thanks to hundreds of crypto-donations in January.
You can read our beginners guide to Bitcoin, including how it can gain or lose you money, by clicking here.
Would you like to visit the Bitcoin city? Let us know in the comments...
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