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Dubai creates its own cryptocurrency, emCash, as a government alternative to Bitcoin

The local government of Dubai has developed the cryptocurrency emCash, which allows paying for government and non-government services, as its own alternative to Bitcoin.

Dubai (United Arab Emirates), has been the first regional government to generate its own cryptocurrency, which has named its token emCash, according to some local media. This alternative to Bitcoin can be used throughout the country to make payments for government and non-government services. The Deputy Director General of the Economy of Dubai, Ali Ibrahim, has highlighted that this token is legal tender 'for various governmental and non-governmental services, from their daily coffee expenses, the payment of public services for children or the transfer of money'.

Cryptocurrencies offer great flexibility and convenience, making a very good solution for Dubai. We must emphasize that the government of this country is favorable to blockchain technology, in addition, they have considered it as a technology that can change the paradigm and want to be one of those who lead the adoption of this technology. Ali Ibrahim has highlighted:

“The fast-paced environment and incredible willingness to embrace innovative technology have made Dubai the perfect place to do business. This project is a great example of the ambition we have found here, together we are essentially creating a new economic ecosystem. It will leverage Blockchain technology to make financial transactions cheaper, faster and more secure, while demonstrating the enormous benefits of adopting this technology for governments, businesses and customers. "

The United Arab Emirates is a 'blockchain friendly' country, which has used its resources to create innovative and luxury cities that are a reference for tourism, in addition, they are also betting on being an international financial center, which will become a reference, above all in the fintech market, for the western world and that has already regulated the sale of properties through Bitcoin.

Source: arabianbusiness

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Robert Sole

Director of Contents and Writing of this same website, technician in renewable energy generation systems and low voltage electrical technician. I work in front of a PC, in my free time I am in front of a PC and when I leave the house I am glued to the screen of my smartphone. Every morning when I wake up I walk across the Stargate to make some coffee and start watching YouTube videos. I once saw a dragon ... or was it a Dragonite?

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