Maldives Turns to Cryptocurrencies in Cash Struggle! A Huge Move Worth $9 Billion Has Arrived!

The Maldives is set to boost its local economy with a $9 billion move.

The Maldives is looking to diversify its local economy by embracing blockchain and cryptocurrencies, the Financial Times reported.

Accordingly, the Maldives has announced plans to build a $9 billion blockchain center with the aim of attracting global investors by tapping into the potential of the cryptocurrency market.

At this point, the Maldives government signed a deal with Dubai-based MBA Global Services to build a $9 billion blockchain center to attract crypto investors.

Dubai-based MBA Global Services is providing up to $8.8 billion for the blockchain hub, leveraging its network of high-net-worth individuals and asset management firms to fund the project.

The plan is expected to help cash-strapped Maldives weather its impending debt crisis.

Maldives Finance Minister Moosa Zameer said this plan is a big step towards diversifying the country’s economy away from tourism and fishing.

“The debt that is due to be paid in the next two years remains our biggest challenge. At this point, the agreement we have made with MBA Global Services will relieve us of some of the difficulties we are in and provide a potential boost to our economy,” Zaamer said.

The $9 billion blockchain hub project, dubbed a “global financial free zone for blockchain and digital assets,” is expected to triple the Maldives’ GDP in four years and generate well over $1 billion in revenue in the fifth year.

*This is not investment advice.