According to media reports, the government plans to issue Dubai’s own state cryptocurrency under the name emCash.
Ali Ibrahim, Deputy Director of Dubai Economy, says that the token can be purchased as normal. So it does not matter whether you pay the coffee or the school fees with emCash. Via NFC technology transactions can be handled easily with the smartphone.
A further advantage is seen in the fact that the payments are processed in real time and traders do not have to intervene in financial services providers in order to accept customer payments. Correspondingly, traders will save a lot of money because no transaction fees are incurred as with card payments. In addition, counterfeit money is countered by emCash.
Support comes from the British company Object Tech Group Ltd, which provides the technology, including the Wallet emPay. The extent to which state cryptowogy is used by people in the near future has yet to be waited. What is certain, however, is that the state or the authorities through emCash get a better overview, who, when something has spent.
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