Countries across the globe are in discussions of launching their own cryptocurrency, some have already done so. According to media outlets and local news, the government of Dubai has just introduced its own cryptocurrency. emCash, Dubai’s new form of cryptocurrency, will be utilized as a form of payment for both governmental and nongovernmental services.
Ali Ibrahim, Deputy Director General of Dubai Economy, stated that emCash will be a legal form of payment, “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”
Dubai is welcoming the idea of blockchain technology to be used as a system for a number of services throughout the country. The country is pursuing to become the core of fintech, technologies used and applied in the financial services sector, in the middle east. Dubai has recently signed deals allowing property sales to be done completely in Bitcoin.
Ibrahim had stated, “The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.”
The convenience and flexibility of their own cryptocurrency makes the solution an easy win for the country. With the government strongly pro-Blockchain, visualizing it as the next major move of the standard in changing technologies, Dubai seeks to be forward thinking in acceptance when it comes to the fintech sector.
The new cryptocurrency can be the first step to in helping Dubai reach the goal of becoming the core fintech in the middle eastern world.