Maldives Bets Big on Blockchain: Can $9B Save Them from Tourism Overload?

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Ah, the Maldives—a place where the sun kisses the sand, and the economy rests on the fragile wings of tourism. But wait, it seems they’re not content with just basking in the glow of tourists’ wallets. Nope, they’ve decided to dive headfirst into the digital age. Enter the $9 billion blockchain project, the brainchild of MBS Global Investments, hailing all the way from the ever-glamorous Dubai. A deal so sweet, it was sealed in a joint venture just this past weekend, according to the Financial Times (yes, that’s a reputable source, don’t worry).

Now, let’s break it down. Tourism, which contributes about 30% to the Maldives’ GDP (let’s face it, it’s their bread and butter), is starting to look a little wobbly. Throw in fishing, which contributes another 10%, and you’ve got an economy hanging by a thread. The island nation has lived on the edge for a while now, fearing economic collapse. And, surprise! Their debt has now exceeded the $7 billion GDP. Yikes! Not exactly the dream vacation plan for the fiscal year, huh?

But fear not, dear readers. The government’s bright idea? Blockchain! Yes, the same blockchain that’s been shaking up the world of digital currencies, cryptos, and things you might not fully understand yet. They’re banking on this shiny new tech to save the day, promising thousands of jobs and—hold your breath—tripling the country’s GDP in just four years. If that doesn’t scream “I’ve got this under control,” I don’t know what does.

Finance Minister Moosa Zameer, who apparently has a great deal of faith in digital innovation, is all for it. He’s convinced this blockchain pivot will be the saving grace for the Maldivian economy, potentially dodging the dreaded fiscal crisis that’s been looming like a dark cloud over the nation.

And

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2025-05-05 03:23