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Dubai is yet another “big player” to join the cryptocurrency craze with its launch of its first ever state cryptocurrency – the emCash.
According to Arabian Business Magazine, people will be able to pay for various government and non-government services in Dubai with emCash. The name of emCash comes from the the subsidiary of Dubai Economy, Emcredit, that will work with UK-based Object Tech Group Ltd to develop the technology behind the new digital currency. The idea here is for emCash to be in the digital wallet of Emcredit, emPay wallet, that supports contactless transactions.
The launch of emCash will be of great advantage to UAE residents, since they will be now able to transact securely with the first ever state digital currency issued by Dubai. The technology behind emCash will allow users to pay for their goods/services through the near field communication (NFC) feature on the mobile phones.
With so many countries and economies grinding to turn into “cashless” societies, Dubai believes this new digital currency will bolster the domestic business environment, while attracting international business attention and increasing the satisfaction from users.
Dubai is one of the countries that truly supports digital currencies and Blockchain as a technology that would disrupt payments and the economy as we know it.
Ali Ibrahim, deputy director general of Dubai Economy, shared his excitement about the launch of emCash and his beliefs that Dubai can reinforce its position as a top business destination and a flourishing environment for innovations and disruption:
“A digital currency has varied advantages faster processing, improved delivery time, and less complexity and cost. 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 the ease of business and quality of life. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining the approval of other UAE authorities will be considered if required“, reported Arabian Business.