Dubai Will Soon Issue Its First Ever State Cryptocurrency
According to announcements made by local news media outlets, emCash a cryptocurrency made for payment of governmental and non-governmental services was officially launched by the local government in Dubai.
EmCash token will be regarded as the legal tender which will include different government and non-government services ranging from their children’s school fees and daily coffee to utility charges and money transfers, according to Ali Ibrahim, Deputy General of Dubai Economy.
Dubai enthusiastically adopting Blockchain technology
The blockchain is a major wave of paradigm which is going to change technologies. According to Dubai government which is deterministic about blockchain, strongly supports and wants to be forward-thinking in the adoption of blockchain technology. It is a win-win for Dubai because of the flexibility and convenience of cryptocurrencies.
According to Ibrahim:
“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.”
Property sales entirely in Bitcoin is allowed because of the deals recently signed by Dubai which is seeking to become a fintech hub for the eastern world. As a system of various services, Blockchain technology has been widely embraced in the country.
It is believed that the adoption paradigm of Dubai is moved forward by this new cryptocurrency.
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