The government of Dubai will soon be launching its official cryptocurrency.
Numerous economies in the world have started to understand the importance of cryptocurrency and the benefits it brings to the economy. With its perceived importance, the government of Dubai has decided to launch the official cryptocurrency and has named it as ’emCash’.
Through emCash, the residents of Dubai will be able to pay for anything from smallest payments to biggest ones including paying for the coffee, giving tip, paying school fees, buying a vehicle. The money transfer will be instant and almost free.
Ali Ibrahim, deputy director general of Dubai Economy said:
“A digital currency has varied advantages faster processing, improved delivery time, and less complexity and cost. 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. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining the approval of other UAE authorities will be considered if required,”
Dubai is aiming to become a financial hub of the world and in order to achieve that the government is ready to embrace new technology, ideas and anything that can help accelerate the process.