The area government in Dubai has officially launched its cryptocurrency called emCash, according to announcements by local news media outlets. The cryptocurrency could be useful for payment of governmental and nongovernmental services.
Based on Ali Ibrahim, Deputy Director General of Dubai Economy, the token will soon be considered legal tender “for various government and non-government services, from their daily coffee and children's school fee to utility charges and money transfers.”
Dubai embracing Blockchain technology
The flexibleness and capability of cryptocurrencies makes the clear answer a win-win for Dubai. The federal government is strongly pro-Blockchain and sees it as another major wave of paradigm changing technologies, and really wants to be forward-thinking in adoption. Based on Ibrahim:
“The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the right area for us to complete business. This project is a superb exemplory instance of the ambition we've met here, together we're essentially developing a whole new economic ecosystem. It'll harness Blockchain technology to create financial transactions cheaper, faster and better while demonstrating the huge benefits of embracing this technology for governments, business and customers alike.”
Blockchain technology, as something for several various services, has been widely embraced in the country. Dubai is seeking becoming a fintech hub for the eastern world and has even recently signed deals to permit for property sales entirely in Bitcoin.
The brand new cryptocurrency will move the country's adoption paradigm forward.
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