The local government of Dubai has set up a partnership to develop and implement a new encrypted digital currency called emCash. The cryptocurrency is to be used for some government and non-government services in Dubai.
According to Ali Ibrahim, the deputy director general of Dubai Economy, emCash will accelerate Dubai’s evolution towards a smarter economy. He also mentions that the citizens will be able to use this currency for things such as their daily coffee, the children’s school fee, or utility charges and money transfers.
Dubai’s government is strongly pro- Blockchain and sees a major shift towards these changing technologies in the future. Dubai wants to be involved in the adoption of this forward-thinking technology.
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.”
This is not the first time that there have been Blockchain technology projects in Dubai. The country is also seeking to become a fintech hub for the rest of the world as well as allow sales in property to happen entirely with Bitcoin. This shows a very positive attitude towards Bitcoin.
This new cryptocurrency just changes the game towards the country’s adoption of futuristic technology.