GOVERNMENT OF DUBAI ANNOUNCES DETAILS OF EMCASH, THE FIRST CRYPTOCURRENCY IN DEVELOPMENT FOR THE CITY

in #dubai7 years ago (edited)

GOVERNMENT OF DUBAI ANNOUNCES DETAILS OF EMCASH, THE FIRST CRYPTOCURRENCY IN DEVELOPMENT FOR THE CITY

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This initiative seeks to replace the conventional means of payment and bring ease to the citizens to make use of their money for a variety of use cases.

The Dubai Government announced details in relation to your own cryptocurrency based on block technology, which has the name of emCash.

According to information published by the main news of the United Arab Emirates portal, digital currency will be developed in partnership with the company Emcredit,a subsidiary of the Dubai Economy, and with the British company Object Tech. Dubai Economy is the Government agency responsible for the planning and execution of the economic agenda of the city.

In an announcement made, Emcredit, Muna al the Qassab CEO, specified that the currency would be based on Blockchain, technology which will allow to the residents make use of the cryptocurrency using a specially designed application for mobile devices called emPay. The infrastructure will enable the cryptocurrency to operate in different shared accounting ledgers so that payments are not limited to any single member of the ecosystem of emPay.

Through emPay residents of the United Arab Emirates can make variety of payments, which may include their daily expenditure on purchases and maintenance, even reaching money transfers because of the payment of public services. With emCash, emPay users will have the option of a secure digital currency and traders will receive such payments in real time without going by intermediaries.

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this beautiful news can be as famous as bitcoin