Dubai is one of the most futuristic cities of the world.
From a village in the desert, Dubai has become a metropolis, a global phenomenon that attracts tourists and business partners from all over the world.
It has also become a hub for the latest state-of-the-art technology, whether that's with flying taxis, the hyperloop train, robot policemen - or cryptocurrency.
While several other countries have talked about creating their own digital currencies lately, Dubai is one of the first to actually make this a reality.
Dubai has just announced the launch of their own digital currency, EmCash !
Founded on the latest block chain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. emPay allows UAE residents to make varied payments, from their daily coffee and children's school fee to utility charges and money transfers, through the near field communication (NFC) option in their phones. With emCash, emPay users will have the option of a secure digital currency, and merchants receive such payments in real time without going through intermediaries.-Dubai City Press Statement
emCash - National Digital Currency
The government of Dubai teamed up with the city's Accelerator Initiative to create the new βencrypted digital currencyβ emCash with its own blockchain.
The project emCash works as part of the payment system emWallet and has been announced in a press release. It enables its users to handle different types of transactions in digital form, from βtheir daily coffee and childrenβs school fee to utility charges and money transfersβ with NFC-supported smartphones.
Additionally, the city makes use of blockchain technology in different other projects through the shared platform "Blockchain as a Service".
"A digital currency has varied advantages β faster processing, improved delivery time, less complexity and cost, to name a few. 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. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining approvals from other UAE authorities will be taken into consideration if required"-Ali Ibrahim, Deputy Director General of Dubai Economy
How does emCash work?
Citizens of the UAE will be able to access the emWallet app on their smartphone.
When making payments, users will be able to choose between two payment options, regular dirham payment or emCash digital currency. While the dirham payment goes through the normal settlement process and cost, emCash payments are sent and received in real-time. Also, merchants save the fee they'd have to pay the intermediary.
Lastly, paying digitally with emCash also reduces fraud and inflations, since currency is being issued based on actual demand and in real time.
The blockchain of emCash allows for shared ledgers - so that "control over payments is not limited to any single member in the emPay ecosystem and transactions are recorded instantaneously."
Dubai - A future Blockchain Metropolis
Which country would you like to develop their own digital currency next?
Β© Sirwinchester
I can totally see dubai goin full steem in to crypto! Hopefully they see the value in just supporting the decentralized networks and forget the nationalized crypto idea though. It will be interesting to see how far they will take this.
This is very exciting news! This is huge for crypto. The gov has been looking for ways to make the system cashless. Dubai will do it.
Thats and advantage of building a such city where spend and spend is a way of living. A great bost to crypto either way! Tanks for the article
Great to see them taking the lead on this!
Hey that's good to see Dubai get out there and actually have a plan to implement the technology rather than hinder it through obstructionist legislation.
Wow... that's some pretty amazing news, and certainly a HUGE boost to the credibility of cryptocurrency, as a concept. It's also huge because when the Emirates do something, they don't go half-assed on it, ever... just look at their airlines; their airport, and so forth.
Whether I like the idea of a "government" coin or not... seems like this would be an awesome development for our industry.
Who would I like to see next? Switzerland. They are already "crypto-friendly," and they have a LONG and legitimate history as "money handlers," and if the Swiss say "go" with cryptos... much of the world will have to sit up and pay attention.
Would be good to see Japan introduce their own cryptocurrency in my view.
Such a beautiful place to be! The architecture is incredible in this country.
I want to invest in that!
This will definitely put the crypto space in bullish trend.
Even India is planning for its own cryptocurrency named "Lakshmi"
Naturally - the Goddess of Wealth, no?
Is very interesting, i actually write a article about this coin and other created by governments -> #5 Crypto For The Day -
Countries creating their own cryptocurrency
Thanks for the analysis
very interesting, apprec u sharing this story π
I start to love Dubai this time.... a big big big milestone for cryptocurrencies.... I am so glad I am with these boat now
Thankyou for sharing @sirwinchester π
very exciting news @sirwinchester. Crypto is going global
very nice post! sirwinchester
amazing. give me Restem permission @sirwinchester
hmmm this will be interesting to see what it does to their existing currency.
So.......... the way to make money in the crypto space is to sell courses to mugs on how to make money investing in the crypto space? Nice.
BTW.... it's early adopters, not adapters.
If I were gulf state, I'd call it petrocoin ;)
Estonia is also thinking to create its own cryptocurrency https://medium.com/e-residency-blog/estonia-could-offer-estcoins-to-e-residents-a3a5a5d3c894
Very exciting for e-residents like me!
Very exciting times up ahead! Can't wait for other countries to follow.
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Soon, people will start using it !
one of good news of crytocurrency become real.
I saw the news on the internet, which stated that the em-cash card is available at one of the petrol pump stations.
We can buy that easily and start using it.
Careful with this website: https://emcash.global/ It seems like an elaborate scam with a WhoIs pointing to Arizona and a copy/paste whitepaper ripped-off from Hcash (https://h.cash/).
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