Bitcoin Daily: Chinese Gov’t On Board For Building ‘Blockchain City’; Will McAfee Launch Bitcoin Debit Card?

The Chinese government is backing the construction of a “blockchain city” in the shipping lane of the Malaysian Malacca Strait.

Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd are working together on the project and are planning to raise 500 Malaysian ringgits ($120 million) to create an infrastructure based on blockchain technology. In addition, there will be a DMI platform used to pay government-based services within the city, as well as allow Melaka Straits City tourists to exchange their fiat currencies for DMI coins.

“Our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area,” project CEO Lim Keng Kai said, according to Cointelegraph.

In other news, John McAfee tweeted out a teaser for a new crypto debit card.

According to CCN, McAfee claims that the Visa-branded bitcoin card is set to launch soon, and will allow consumers to use the card to spend bitcoin anywhere Visa is accepted. Some users will even receive a card with McAfee’s face on the front. “Only the first 12,000 have my image on it. After that, all cards shipped will be plain. My haters will have to wait,” he tweeted.

A source has told Bloomberg that E-Trade is getting ready to offer bitcoin and ether trading, with the possibility of adding additional cryptocurrencies in the future. The company declined to comment, but if the report is true, E-Trade would be one of the largest securities brokerages to allow crypto trading.

And Brazilian police have arrested an individual suspected of being involved in a crypto money laundering scheme.

The State Department of Drug Trafficking (Denarc) in Porto Alegre, Rio Grande do Sul reportedly entered a house looking for a suspected drug dealer, but wound up discovering that cryptos were being mined.  The search found 25 solitary bitcoin mining rigs, estimated to be worth about R$ 250,000 (about $63,000).