The Dubai local government has officially released its own cryptocurrency, thanks to a new partnership that has been fostered through the city’s Accelerator Initiative. Named emCash, it runs on its own blockchain and is designed for various financial transactions. emCash would be used for payment of governmental and nongovernmental services.
The Deputy Director General of Dubai Economy, Ali Ibrahim says the token will absolutely be considered as legal tender, saying “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers”.
He is excited about this new encrypted digital currency, saying; “A digital currency has varied advantages – fast processing, improved delivery time, less complexity and cost, to name a few…It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life”
Why Dubai is embracing their new blockchain technology
To put it simply, emCash is going to be a win win situation for Dubai. The government is strongly behind this development, seeing it as the next major wave of paradigm changing technologies. Ibrahim is very keen to be forward thinking in the adoption of this blockchain, and feels that Dubai’s willingness to adapt to innovative technology, makes it the perfect place to business.
The government sees big things ahead of introducing this new blockchain technology, believing that it will effectively create a brand new economic ecosystem. They believe that this technology will make financial transactions both cheaper and faster, whilst placing a lot of focus on the security of the transactions. They believe that there really are so many advantages for governments, businesses and customers.
This new move for Dubai is just the latest embrace in blockchain technology. They are seeking to become a fintech hub for the eastern world, recently signing deals to allow for property sales to take place entirely in Bitcoin, and emCash will simply help this to move forward.
References and Further Reading:
- The CoinTelegraph; Dubai Will Issue First Ever State Cryptocurrency
- Cryptocoins News; emCash is Dubai’s First Official State Currency
- Futurism; EmCash Is Dubai’s First Official Cryptocurrency
- Business Insider; Dubai just got its first official cryptocurrency
- Steemit; Dubai Launches Its Own, Official Cryptocurrency emCash AE Aims To Become ‘Blockchain City’!
- Trustnodes; Dubai To Launch a State Issued Blockchain Based Digital Currency
- KryptoMoney; Dubai Government To Launch It’s Own Cryptocurrency