Maldives Launches $9B Blockchain Project to Escape Tourism Dependency
The project, backed by Dubai-based MBS Global Investments, was finalized in a joint venture deal signed over the weekend, according to the Financial Times.
With tourism contributing about 30% of the Maldives GDP and fishing another 10%, the island nation has long faced the risk of economic fragility.
Its debt burden now exceeds its $7 billion GDP, raising concerns about long-term sustainability.
The government believes this pivot toward blockchain technology could generate thousands of new jobs and potentially triple the countrys GDP within four years.
Finance Minister Moosa Zameer emphasized that this could be a lifeline for the Maldivian economy, helping avert a looming fiscal crisis.
The ambitious digital transformation marks one of the largest tech investments in South Asia and signals the Maldives desire to become a regional leader in blockchain innovation.
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Text source: Coindoo
