The government of the Maldives invests 9 billion dollars in a crypto hub to diversify the economy
The new hub, named Maldives International Financial Centre (MIFC), will cover an area of approximately 830,000 square meters in Malé, the capital. This impressive structure will host offices, coworking spaces, and services dedicated to technology in Web3 sector
The government of the Maldives has announced the creation of a 9 billion dollar crypto hub with the aim of attracting international investments and innovating the national economy.
This ambitious project, signed on May 4th, will focus on blockchain technologies and Web3, marking a significant breakthrough for the small archipelago in the Indian Ocean.
Maldives: strategy to diversify the economy with a crypto hub
The Maldives have historically based their economy on two main sectors: tourism and fishing. However, the strong dependence on these activities exposes the country to risks related to external factors such as global tourism fluctuations or climatic conditions.
For this reason, the government has decided to focus on new emerging technologies.
The agreement with MBS Global Investments, a family office based in Dubai, aims to develop an innovative platform focused on blockchain technologies, considered strategic for attracting capital and creating jobs locally.
This is a significant change, aimed at strengthening the economic stability and sustainable growth of the country.
The new hub, named Maldives International Financial Centre (MIFC), will cover an area of approximately 830,000 square meters in Malé, the capital.
This impressive structure will host offices, coworking spaces, and services dedicated to technology companies interested in the blockchain and Web3 sector.
The MIFC anticipates the creation of an ecosystem that could provide jobs for up to 16,000 people, giving a direct boost to local employment.
Furthermore, the invested capital will be higher than 7 billion dollars, an amount greater than the current annual gross domestic product of the Maldives, which underscores the ambition and scope of the plan.
The time forecast to complete the entire project is about five years, a relatively short timeframe considering the complexity and vastness of the initiative.
The main focus of the hub will be on blockchain technologies, decentralized and transparent data recording systems used primarily in the financial sector, but also applicable in other sectors.
Together with these, the project will focus on Web3 solutions, a term that indicates a more decentralized and interactive internet, based on blockchain networks.
