Dubai Announces First Official Cryptocurrency

In major news coming out of the United Arab Emirates, the local government of Dubai recently announced it has officially launched its own cryptocurrency. Called emCash, the digital currency is intended to be used for payment of governmental and non-governmental services alike.

The encrypted blockchain-powered digital currency will be accepted as payment “for various government and non-government services, from [citizens] daily coffee and children’s school fee to utility charges and money transfers” said Ali Ibrahim, Deputy Director General of Dubai Economy.

Dubai Welcomes Blockchain Technology

The city’s economy department says they partnered with one of their subsidiaries called Emcredit Limited along with a U.K.-based company called Object Tech Group, Ltd. to create emCash. This new currency is a result of partnerships Dubai has cultivated through their Accelerators Initiative.

The flexibility and convenience of cryptocurrencies make them a clear solution for problems facing the already futuristic city. The government is strongly pro-Blockhain and sees it as the next major paradigm shift in technology. The announcement adds the digital currency will be used via an emPay wallet app on citizens smartphones.

Currency of the Future

Dubbed as the “city of the future,” the potential of Blockchain is not lost to the government of Dubai. The city has been working on becoming the world’s first economy that’s built on the blockchain, and the launch of emCash is the first step in this process.

“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few,” Ibrahim said. “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.”