Government officials hope the move can attract foreign investment into the Maldives, diversify its revenue streams, and alleviate its debt.
The government of Maldives signed an agreement with MBS Global Investments, a Dubai-based family office, to develop a $9 billion crypto and blockchain hub in Malé, the capital of the South Pacific archipelago nation.
According to a report from the Financial Times, the agreement, which was signed on May 4, was done in the hopes of moving the Maldives away from reliance on tourism and fisheries by attracting foreign direct investment into blockchain and Web3 technologies.
The project outlines plans for the Maldives International Financial Centre, an 830,000-square-meter facility that will reportedly employ up to 16,000 individuals.
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