emCash is Dubai’s First Official State Cryptocurrency
The government of Dubai has revealed details of its own blockchain-based cryptocurrency, called emCash.
In major news coming out of the UAE, the government of the city of Dubai will develop and implement emCash, an encrypted blockchain-powered digital currency that will enable citizens to pay for government and non-government services alike.
The digital currency will be developed with a partnership between Emcredit, a subsidiary of Dubai Economy and UK-based blockchain startup Object Tech. Dubai Economy is the government body responsible to plan and implement the economic agenda of the emirate of Dubai.
An announcement adds that the digital currency will be based on blockchain technology that will see UAE residents use the digital currency via an emPay wallet app on their smartphones. The blockchain deployed ‘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,” explained Emcredit Ltd CEO Muna Al Qassab.
‘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,’ Dubai Economy explained. ‘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’
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Ali Ibrahim, deputy director general of Dubai Economy further added:
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