The Maldives Ministry of Finance has called the creation of a blockchain center a chance to overcome the country's protracted debt crisis. Officials believe that the blockchain center will be in demand among global companies, given its geographical location and stable political situation.

According to MBS Global CEO Nadeem Hussain, the project has already secured funding in the amount of more than $4 billion. The financing is planned to be from equity capital and loans through a consortium of investors.

“We immediately assessed what was required in terms of funding, formed the necessary alliances and attracted the right partners to ensure the influx of funds,” the head of the company said.

The blockchain center is “focused on the development of financial technologies and the digital economy,” as well as the management of international financial flows, the project’s authors said.

Earlier, Malaysian Prime Minister Anwar Ibrahim met with former Binance CEO Changpeng Zhao to discuss the businessman's ability to help the state in the digital asset and blockchain market.