Crypto talent might be flocking to the sunny Maldives soon, as a new five-year project with nearly $9 billion in funding was announced by the nationโs government. The ambitious $9B Bitcoin and crypto hub is aimed at becoming a โfinancial freezone for blockchain & digital assetsโ, – according to Maldivesโ Financial Minister Moosa Zameer.
What To Expect In The Maldives Bitcoin Hub?
Dubbed as โcash-strappedโ by the Financial Times, Maldives gathers most of its income by setting up fishing or tourism-related businesses. The humongous $9 billion investment comes from a family office located in Dubai, UAE. Investments from the crypto adoption front-running country are expected to pour in the next 5 years.
Sponsored
MBS Global Investments, the family office behind the new Bitcoin and blockchain technology hub in Maldives, said the masterplan is to host 6,500 people in the International Finance Centre, opening up to 16,000 new job vacancies in the archipelago countryโs capital Malรฉ. Related to a Qatari Royalty family, the group aims to triple the local economy in four years.
Aside from the ambitious Bitcoin hub plan in Maldives, other emerging crypto hubs in Asia are Singapore & Hong Kong. These countries have applied regulations on an enterprise level, luring crypto businesses to set up shop. To illustrate, Hong Kong serves as a bridge between crypto companies in the West and China, as crypto payments are still banned in mainland China.
In the case of the sunny Maldives, the major-scale Finance Centre is going to be built from the ground up, as the countryโs blockchain adoption rate is nowhere near that of Singaporeโs, Hong Kongโs or the UAE. Following the $9 billion forthcoming crypto hub news, the flagship digital asset Bitcoin traded in a narrow consolidation range between $93.7K and $95.1K.
On The Flipside
- The massive crypto hub project by Qatari exceeds the annual GDP in Maldives.
- The Archipelagean country of Maldives has an annual GDP of around $7 billion.
- Debt due in two years could be the biggest financial challenge for Maldives so far.
Why This Matters
Bridging the gap between less fortunate and advanced countries through technology can play out beneficial for everyone, but it also imposes extra hurdles as seen in El Salvadorโs Bitcoin adoption path.
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