Chinese Government Supports Development of ‘Blockchain City’ in Malaysia
The Chinese government is purportedly supporting the construction of a “blockchain city” in the critical shipping lane of the Malaysian Malacca Strait.Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd have jointly launched the Chinese government-backed project aimed at the development of the city of Malacca into a blockchain city called Melaka Straits city. The founders of the project are planning to raise 500 Malaysian Ringgits ($120 million) during the initial stage. The project CEO Lim Keng Kai said that “our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. In February, Norway’s autonomous city Liberstad adopted a cryptocurrency native to its blockchain-powered smart city platform as its official medium of exchange. The private, anarcho-capitalist city was founded in 2015 as part of the Libertania project, which eschews taxes and government regulation. A report by the International Data Corporation (IDC) indicates that spending on so called smart city technology is expected to grow to $135 billion by 2021.