The Dubai Government Has Unveiled Its Own Cryptocurrency

The Dubai Government Has Unveiled Its Own Cryptocurrency
Banks, Insurance & Financial Services

Citizens will be able to use the blockchain-based currency via an app on their smartphones

Lauren Kirkwood
  • 16 october 2017

The government of the city of Dubai in the United Arab Emirates recently announced that it plans to launch emCash, a blockchain-based digital currency that will enable citizens to pay for government and non-government services by accessing a digital wallet on their smartphones.

The cryptocurrency is being developed by emCredit, a subsidiary of Dubai Economy—the arm of the government responsible for implementing the city’s economic agenda—in partnership with ObjectTech, a British blockchain startup.

“A digital currency has varied advantages—faster processing, improved delivery time, less complexity and cost, to name a few,” Ali Ibrahim, deputy director general of Dubai Economy, said in a statement, according to CryptoCoinsNews. “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.”

emCredit


Lead Image: Roman Logov | Unsplash

The government of the city of Dubai in the United Arab Emirates recently announced that it plans to launch emCash, a blockchain-based digital currency that will enable citizens to pay for government and non-government services by accessing a digital wallet on their smartphones.

+blockchain
+cryptocurrency
+Dubai
+financial services
+middle east
+retail
+Seamless Delivery
+technology
+UK

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