This initiative seeks to replace conventional means of payment and bring greater ease to citizens when making use of their money for a variety of use cases.
The Dubai government has announced details regarding its own cryptomoneda based on block technology, which has the name emCash.
According to information published by the main news portals in the United Arab Emirates, the digital currency will be developed in partnership with the company Emcredit, a subsidiary of 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, Emcredit CEO Muna Al Qassab specified that the currency would be based on Blockchain technology, which will allow residents to make use of cryptomoneda using a specially designed mobile application called emPay. The infrastructure will enable the cryptomoneda to operate in several shared ledger accounting books so that payments are not limited to any single member belonging to the emPay ecosystem.
Through emPay, residents of the United Arab Emirates can make a wide range of payments, including their daily expenses for purchases and maintenance, even transferring money at the rate of payment of public services. With emCash, emPay users will have the option of a secure digital currency and merchants will receive such payments in real time without going through intermediaries.
Ali Ibrahim, Deputy General Manager of Dubai Economy, said:
"A digital currency brings several advantages: faster processing times and deliveries, lower complexity and cost of operations. This will definitely change the way people live and do business in the city, which will mark a giant leap for Dubai as they will take full advantage of innovations to bring ease to negotiation processes and quality of life " .
Dubai and its commitment to technology Blockchain
The Dubai government has already partnered with Object Tech - based in the UK - for the development of digital passports for travelers visiting the city using Blockchain technology. At the government level, efforts are being made to make the city the first of its kind to fully incorporate the technology of decentralized major books. In fact, this initiative seeks to ensure that all documents submitted to public and private bodies are available on a Blockchain platform by 2020.
Earlier this year, the Dubai Intelligence Office partnered with a FinTech firm to back a Blockchain technology payment system in the city. This initiative will allow 38 government entities to partner with financial institutions and other related departments through a payment platform with underlying technology for digital currencies.
Source: https://bitcoin.org.mx/gobierno-de-dubai-anuncia-detalles-de-emcash-la-primera-criptomoneda-en-desarrollo-para-la-ciudad/
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