The Maldives is planning an 830,000-square-meter financial center aimed at creating 16,000 jobs, with a budget exceeding its $7 billion GDP, and expected to be completed within five years.
This marks a significant move for the Maldives into the cryptocurrency arena. On May 4, Maldivian officials signed a $9 billion deal with Dubai-based MBS Global Investments to build a massive blockchain and crypto city in the capital, Malé.
The initiative aims to diversify the country’s economy beyond tourism and fishing by attracting international investment in blockchain and Web3 industries.
According to the Financial Times, the Maldives International Financial Centre will span 830,000 square meters and create up to 16,000 jobs. The project’s cost surpasses the nation’s current GDP and aims for completion in five years.
