Maldives, known for its beauty and excellent global culture, is now going to make its mark in the world of cryptocurrency. However, this country is currently struggling with its falling economy and cash crisis. But Maldives has taken a big step to emerge from this crisis. Recently, Maldives Govt has taken a decision to develop a crypto hub. For this, he has signed an agreement with Dubai firm MBS International Investments. Under this agreement, Dubai’s firm will invest $ 9 billion to make Maldives World Finance Center in Male, the capital of MBS International Investments, Maldives. This center will be mainly focused on blockchain and cryptocurrency. At the same time, the purpose of Maldives behind developing the hub is cryptocurrency in the country and Blockchain era To attract FDI in the area of. So that Maldives can develop as a crypto economy. With this move, Maldives has joined some countries in the world who are considering Crypto as the engine of Future Economy.
What is the meaning of Crypto Hub for Maldives?
The economy of Maldives depends primarily on tourism and fisheries. Due to which it is much more vulnerable to global economic shocks. In such a situation, Maldives is looking at Crypto and Blockchain as a tool to divers its economy. Right now when the web3 and blockchain technology is in the early stages of its development and the trend is mixed between the big countries of the world. This step of Maldives reflects its futuristic vision. The development of the crypto hub will bring FDI to Maldives as well as will provide employment opportunities here.
What is this project
Under this project, Maldives World Finance Center will be developed in the capital Male. This facility will be developed in an area of about 8 lakh square kilometers, where all the facilities necessary for blockchain technology and crypto companies will be developed. Maldives estimates that about 16 thousand people will get employees. This project will take about 5 years to complete and about 9 billion dollars will be invested in it. Which is more than one year GDP of Maldives.
Small countries’ focus on crypto economy
The economy of small countries remains dependent on one or two sectors due to lack of options. This dependency makes their economy very vulnerable. Blockchain Technology and its Real World Yuz have provided a new option to these countries. Small countries of Asia, like Singapore, Hong Kong, UAE, have redeemed the opportunity in a great way and have currently developed into the Pillar of Crypto World. These countries are working together in this matter like recently, Deal for virtual asset legislation between singapore and vietnam Had happened. Maldives is also trying to improve its economy by following this trend by taking inspiration from these countries.
Conclusion
The decision to develop a crypto hub of Maldives is not just an attempt to overcome an economic crisis, but is a courageous step towards adopting the future economy. By adopting blockchain and crypto technology, he not only wants to diversify his limited and vulnerable economy but also attract global investors and technology firms. Seeing the success of countries like Singapore, Dubai and Hong Kong, this step of Maldives looks logically and strategically strong. If this project is successful, it will not only increase the economic strength of Maldives, but can also establish the country as a technology-friendly international destination.
