On January 28, 2018, CM Funds in Singapore and Myanmar’s Naypyidaw Government formally signed a Bitcoin Mine Investment Agreement. In the next three years, CM Funds will invest $200 million in the construction of local bitcoin mines in two phases, with a first phase investment of $50 million. The construction of the mine is already underway and it is planned to be put into production within 5 months. The Naypyidaw government has promised to strongly support the construction and operation of CM Funds’ mines and welcomes more investors to invest in the mines in Naypyidaw.
With the popularity of blockchain technology and its tremendous commercial potential, bitcoin has received widespread attention as the first successful application of blockchain technology and its price has been rapidly increasing since 2016. This has attracted a large amount of global capital into the digital money industry. The Chicago Board of Trade (CBOE) officially launched Bitcoin Futures on December 10, 2017, while Goldman Sachs is considering launching a bitcoin trading system by the end of June 2018. Founded in June 2017, CM Funds is led by the Malaysian Global Chinese Association and is registered in Singapore. Most of the members of the foundation’s operations team come from the traditional financial industry, which will help CM Funds to operate more normally. In the next three years, CM Funds plans to invest a total of 3 billion U.S. dollars in the operation of mines in Southeast Asia, Mongolia, Central Asia and so on.
Compared to traditional mines, CM Funds’ mine operations add the business model of sharing mining revenue from blockchain technology, which better conforms to the ideas of decentralization and eliminating “trust”, and is more open and transparent. An innovative model that takes into account both its own development and the interests of its investors is an important bargaining chip for CM Funds to attract local government partners. Following the signing of this agreement, CM Funds will work with the local government to set up a Bitcoin Mines Management Committee to manage the total investment of $200 million.
Prior to this, CM Funds had signed mine investment agreements in Laos and Malaysia respectively, and mines in Luang Namtha Province and Johor, Laos will also start production in March and May this year. The foundation is very optimistic about the revolutionary innovation potential of blockchain technology and the future of bitcoin. In addition to speeding up the planning of bitcoin mines, the foundation is also following up on some of the blockchain applications that can be implemented as soon as possible.
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