Maldives plans to spend $9 billion to build cryptocurrency centers to attract investment

PANews reported on May 5 that according to the Financial Times, the Maldives government signed an agreement with MBS Global Investments, a family office headquartered in Dubai, on May 4, planning to invest $9 billion to jointly develop a large cryptocurrency and blockchain center in the capital Male.

The move aims to attract foreign direct investment into blockchain and Web3 technology, helping the Maldives get rid of its economic dependence on tourism and fisheries, diversify revenues and alleviate national debt. The project plans to build a facility called the "Maldives International Financial Center", covering an area of ​​about 830,000 square meters, which is expected to take five years to complete and provide about 16,000 jobs.

It is worth noting that the project's investment of up to US$9 billion exceeds the Maldives' annual gross domestic product (GDP) of approximately US$7 billion. At the same time, the Maldives' ambition to become a global financial technology center will also face fierce competition from mature international financial centers such as Dubai, Singapore and Hong Kong.