News Dubai Will Soon Have its Own Cryptocurrency, called emCash...

Dubai Will Soon Have its Own Cryptocurrency, called emCash – Bitcoin Network, News, Charts, Guides & Analysis


- Advertisment -

Some local regulators out there want nothing to do with cryptocurrency. Meanwhile, the local government of Dubai has veered in quite the other direction and creating a new cryptocurrency of its own. The increasingly tech-friendly city will reportedly launch its own version of bitcoin called “emCash.”

Residents of Dubai will be able to use emCash as legal tender. They will be able to pay for a number services, including both governmental and nongovernmental ones. This is what Ali Ibrahim, the Deputy Director General of Dubai Economy, claims. The new cryptocurrency will allow people to pay for everyday things like coffee, as well as completing money transfers. It will also enable them to pay for bigger expenses, like utility bills.

“The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business,” Ibrahim says. “This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem.”

Ibrahim says that emCash will allow for financial transactions that are faster, less expensive, and more secure. It will show off the huge benefits of countries embracing cryptocurrencies for corporations, governments and consumers.

Contactless Payments

People will be able to complete transactions via contactless payments, too. This is thanks to a new partnership between Emcredit Ltd, Dubai Economy’s subsidiary, and a United Kingdom-based company called Object Tech Group Ltd.

Users will be able to use the near field communication (NFC) technology on their smartphones. Merchants can receive payments of the digital currency in real time. There would also be no need to go through an intermediary.

“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 the ease of business and quality of life,” Ibrahim added.

According to Emcredit, emCash will decrease the amount of fraud that can happen as well as curb inflation. That’s because the system issues the virtual currency in real time, and it’s directly linked to actual demand.

It will be interesting to see what happens after the rollout of emCash. Dubai appears to be inching closer to becoming the FinTech hub of the Middle East.

Source link


Please enter your comment!
Please enter your name here

Latest news

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly paying attention to cryptocurrencies as a possible payment tool. Several...

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...
- Advertisement -Dubai Will Soon Have its Own Cryptocurrency, called emCash - Bitcoin Network, News, Charts, Guides & Analysis

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Must read

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly...
- Advertisement -

You might also likeRELATED
Recommended to you