After constant pressure from unregulated cryptocurrency that threatens the survival of central banks, Dubai local government unveiled EmCash. According to the local news media announcements, the cryptocurrency is intended to settle payments for services that nongovernmental and governmental agencies render.
Emcash is a token that will be regarded as a legal tender cryptocurrency within Dubai as the Dubai Economy’s deputy director general, Ali Ibrahim seems to suggest. It will be useful settling utility charges, money transfers, daily coffee, school children’s fee amongst other government and non-governmental services.
Blockchain technology implemented in Dubai
Dubai’s government has cemented its position as strongly pro-blockchain as it views it as a win-win solution. With cryptocurrencies being convenient and flexible, the government wants to be forward thinking so that it becomes part of the next major paradigm-changing technologies wave.
Dubai has become the perfect place to implement the innovative technology due to its incredible willingness and the fast-paced environment it harbors. Ibrahim asserts that blockchain technology presents a new economic ecosystem that relies upon technology to make financial transactions faster, secure and cheaper for customers, businesses, and governments to embrace.
In the eastern world, Dubai is currently striving to be the fintech hub. It even recently signed several deals to allow property sales to be carried out bitcoins. With the country widely embracing black chain for various services, the country is set to attain new heights as the new currency is unveiled.