News Dubai official cryptocurrency - Business Insider

Dubai official cryptocurrency – Business Insider

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dubai the world archipelago
A
development is seen on one of the islands of The World Islands
project in Dubai, January 7, 2012.

Jumana El Heloueh/Reuters

The government of the city of Dubai launched their own
blockchain-based cryptocurrency last week.

The city’s economy department partnered with one of its
subsidiaries called Emcredit
Limited
and U.K.-based Object Tech
Group, Ltd.
to create emCash.

This new “encrypted digital currency” is a product of
partnerships Dubai has cultivated through their Accelerators
Initiative
and brought under the umbrella of the Dubai
Economy Accelerators.

“A digital currency has varied advantages – faster processing,
improved delivery time, less complexity and cost, to name a few,”
Dubai Economy deputy director general Ali Ibrahim said in
a press
statement
. “It will change the way people live and do
business in Dubai, and mark a giant leap for the city in
harnessing game-changing innovations to improve ease of business
and quality of life.”

Officials claim that emCash uses the latest blockchain technology
and works as part of payment system called emWallet. As the
city’s credit bureau, Emcredit has made sure that the emWallet
handles various types of transactions — from “their daily coffee
and children’s school fee to utility charges and money transfers”
— with a near-field communication (NFC) support through a
smartphone.

The city will also have a shared platform, called Blockchain as a
Service, to help Dubai government agencies use blockchain in
various projects.


blockchain illustration
An illustration of blockchain
technology.

Shutterstock

Investing in the future

Blockchain’s potential as a decentralized and secure platform for
transactions, financial or otherwise, isn’t lost to those with
eyes to the future.

Dubbed as the “city of the future,” Dubai is certainly one of
those, but it isn’t the first to have an “official”
cryptocurrency
. The launch of the emCash, however, is only a
first step.

Dubai has been working on becoming the world’s first
economy that’s built on the blockchain
, and with it its own
cryptocurrency. This is where the city’s efforts differ, and
could potentially influence economies through the entire United
Arab Emirates (UAE). “Obtaining approvals from other UAE
authorities will be taken into consideration if required,”
Ibrahim said.

The Wall Street
Journal reports
that Smart Dubai, the government office
responsible for encouraging innovation in the country, will be
conducting government and private organization workshops over the
next few months to identify those services best enhanced by
blockchain. After that, the office expects that pilot projects in
both the public and private sectors will begin rolling out this
year.

“The fast paced environment and incredible willingness to adopt
innovative technology has made Dubai the perfect place for us to
do business,” said Muna Al Qassab, CEO of Emcredit Limited, in
the city’s press release. “This project is a great example of the
ambition we have met here, together we are essentially creating a
whole new economic ecosystem.”

Disclaimer: The Dubai Future Foundation works in
collaboration with Futurism and is one of our sponsors.

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