The Maldivian government has reached an agreement with MBS Global Investments, a Dubai-based family office, to create a $9 billion cryptocurrency and blockchain hub in Malé, the capital of this South Pacific archipelago.
As reported by the Financial Times, this agreement, signed on May 4, aims to reduce the Maldives' dependence on tourism and fishing by attracting foreign investment into blockchain and Web3 technologies.
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The project includes the creation of the Maldives International Finance Center, an 830,000 square meter facility that is expected to employ up to 16,000 people.
This ambitious initiative is expected to take five years to complete and requires more funding than the nation's annual GDP of $7 billion.