Maldives Builds $9 Billion Bitcoin Hub, Aims to Transform Country's Economy
One of the world's smallest countries is preparing for an economic leap thanks to blockchain technology. The Maldives government has officially announced plans to build a $9 billion Bitcoin and Digital Assets Center, with the goal of turning the island nation into Asia's new digital financial hub within the next five years.
According to Maldives Finance Minister Moosa Zameer, the project will transform the Maldives into a "free zone dedicated to blockchain and digital assets" — a major boost to an economy that relies almost entirely on tourism and fisheries.
The Big Plan: Hire 16,000 People, Triple GDP
The project is backed by MBS Global Investments, a Dubai-based family office with alleged ties to the Qatari royal family. An estimated $9 billion in investment – far exceeding the Maldives’ current GDP of around $7 billion – will be poured in over five years.
The new financial hub, planned for the capital Malé, will be able to accommodate 6,500 blockchain professionals and create more than 16,000 new jobs, according to MBS Global. The ambitious plan aims to triple the country’s economy in less than one presidential term.
Race with Singapore and Hong Kong
The Maldives is not the only Asian country eyeing the role of a crypto hub. Singapore and Hong Kong have already introduced favorable regulatory frameworks to attract international blockchain capital and businesses. Meanwhile, the Maldives is starting from virtually zero – with low blockchain adoption and underdeveloped digital financial infrastructure.
However, the Maldives has the advantage of being a “new land” – where investors can design everything from scratch, including regulations, technical infrastructure and global connectivity.
Immediate Impact on Bitcoin Price
Following the news of the Maldives crypto hub, Bitcoin prices rose slightly and fluctuated in a narrow range from $93,700 to $95,100. While not groundbreaking, the move reflects positive market sentiment ahead of a new wave of adoption.
Challenges and Downsides
Despite its huge potential, the project has faced some concerns. The $9 billion investment is higher than the entire annual GDP of the Maldives, leading many experts to question its financial sustainability. In addition, the debt that is due in the next two years could become the biggest burden for this capital-hungry country.
Conclusion: Maldives – El Salvador Monday?
If successful, the Maldives could become the “El Salvador of Asia,” creating a new economic model based on digital assets. But like El Salvador, the island nation will face a host of challenges: from the risk of Bitcoin price volatility to the response of international financial institutions.
In a world increasingly divided between technology and tradition, the Maldives has made a big bet – and it could be the one that changes the nation’s fortunes.