State cryptocurrency – emCash
Dubai being the most advanced and forwarding country of world is moving forward in crypto and blockchain market. With recent launch of FARAD, now the country is focusing on state cryptocurrency. As per the media outlets, local government of Dubai is launching the first ever state cryptocurrency named as “emCash”. This currency is exclusively designed to make payment for governmental and non-governmental services.
Ali Ibrahim who is deputy director general of Dubai Economy stated. “It is to pay off their daily routine from daily coffee, children’s school fees to utility charges and money transfers”.
Read also: Government of Malta to test cryptocurrency in regulatory ‘Sandbox’
Dubai’s move to Blockchan Technology
Since, cryptocurrency is flexible and convenient form of payment, Government is moving forward with blockchain based solutions. Furthermore, they are considering it the major trend of pattern changing technologies.
According to him
“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.”
Presently, the adoption of blockchain technology across the country is emerging. Dubai is recently signed an agreement that facilitate property sales entirely in Bitcoin. They are further in a motto to become fintech hub for the eastern world thus this currency could be a good move to start.