The Maldives will invest $9 billion to build a cryptocurrency center to attract investment

ChainCatcher news, according to Cointelegraph, the Maldives government signed an agreement on May 4 with the Dubai-based family office MBS Global Investments to jointly develop a large cryptocurrency and blockchain center in the capital city of Malé, with a planned investment of $9 billion.

This move aims to attract foreign direct investment into the blockchain and Web3 technology sectors, helping the Maldives reduce its economic dependence on tourism and fishing, diversify its income, and alleviate national debt. The project plans to build a facility called the "Maldives International Financial Center," covering approximately 830,000 square meters, expected to take five years to complete and provide around 16,000 jobs.

It is worth noting that the project's investment amount of up to $9 billion exceeds the Maldives' annual GDP of about $7 billion. At the same time, the Maldives' ambition to become a global fintech hub will face fierce competition from established international financial centers such as Dubai, Singapore, and Hong Kong.