Dubai has launched its own cryptocurrency dubbed emCash, which will be used as legal tender for payment of both government and non-government services.
Dubai has made strides in the integration of blockchain technology this morning, as local government in the city has proceeded to launch its own cryptocurrency dubbed emCash which, according to news outlets, will be recognised as legal tender for the payment of both governmental and non-governmental services.
Presiding over the announcement, Ali Ibrahim, the Deputy Director General of Dubai Economy, offered that government throughout the United Arab Emirates views the Blockchain as a major paradigm shift, and wishes to be forward-thinking in its use of such technology.
Ibrahim offered that emCash will be considered legal tender, and can be used for “various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”
Ibrahim continued to state that “…the fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.”
emCash can be stored in a new digital currency walled dubbed emPay, which will be supported by Emcredit to accommodate contactless payments through NFC support on smartphones.
The move is the latest bid in a string of initiatives that may well position Dubai has a fintech hub. Entrepreneurs and government bodies alike have expressed their interest in cryptocurrencies, and earlier this year a local real estate company even accepted Bitcoin as tender through which prospective buyers can purchase select property in the city.
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