The stance of China regarding cryptocurrencies and Blockchain network does not involve a clear approach. There is contradictory news about the measures taken by this country in the field of Blockchain and cryptocurrencies. Someday, we hear the news about cryptocurrencies being banned in this country and another day we see some very dynamic and vast measures taken by this country in the field of Blockchain and cryptocurrencies. For example, recently, China has started building a Blockchain-based city in the country of Malaysia. However, what exactly is a Blockchain city and how does China further this project?
What Will the Measures of China Be in Using Blockchain in Malaysia?
News indicate that China intends to use Blockchain technology in Malaysia to guide and plan a city in this country. In this way, all the infrastructures of this city will be designed and built based on the Blockchain network. Cryptocurrencies will be a tool for different trades that citizens of this city make. In fact, the cost of services and products that the government of this city offers are paid for via cryptocurrencies.
The cost of this project is evaluated at around $120 million. It seems that the launch of such a plan will be very profitable for the country of Malaysia. Because it will increase the capacity for tourism. Moreover, as such, the government of Malaysia has shown enthusiasm regarding the launch of such a program.
Why Has China Chosen Malaysia for the Launch of Such Program?
Perhaps at first glance and given the big profitability opportunities of building a Blockchain city, this question arises that why China did not choose a city in its vast country to further this project. China is developing its geopolitics impacts in the region of Southeast Asia. Moreover, as such, China looks at these projects as a win-win game that have multilateral benefits for all the parties involved although the activities of China in establishing different stations in various places of Asia is not considered to be something new.
Designing and launching a Blockchain-based city by other countries such as South Korea and Norway have also been proposed, but none of them reach China’s project in Malaysia with respect to breadth and being long term. In case Malaysia becomes an important strategic place given the fact that it has a Blockchain-based city, China will also gain a powerful station in this region of Asia, and Malaysia will also turn into a tier one destination for tourists and the development of commercial affairs.
Is Blockchain Rural Development on Its Way?
Blockchain and the very free world that it offers communication and international trades is developing very new routes. Given the existence of decentralized networks and systems, the flow of information in different fields will circulate faster, clearer, and with more transparency, and probably most problems of mankind in various fields will be solved. We should wait and see what direction the tangible approach of China regarding cryptocurrencies will take in the future and when will this game of love and hate get to finally.
Saturday, May 4, 2019 12:27:00 PM