Dubai to create Cryptocurrency

sk8rgirl (20) in crypto • 7 years ago

A partnership has been set up to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services in Dubai. According to state news agency WAM, Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group Ltd will work together to establish contactless payments. Based on the latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments.

emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones. With emCash, emPay users will have the option of a secure digital currency, and merchants can receive such payments in real time without going through intermediaries. Ali Ibrahim, deputy director general of Dubai Economy, said emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai’s evolution into a smart economy.

"A digital currency has varied advantages faster processing, improved delivery time, and less complexity and cost. 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 the 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 the approval of other UAE authorities will be considered if required," he added.

http://www.arabianbusiness.com/industries/banking-finance/379617-dubai-signs-deal-to-establish-digital-currency-emcash

crypto government technology blockchain dubai

7 years ago by sk8rgirl (20)

$0.12

5 votes

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

steemcleaners (83) · 7 years ago

Copying/Pasting full texts is frowned upon by the community.

Some tips to share content and add value:

Using a few sentences from your source in “quotes.” Use HTML tags or Markdown.
Linking to your source
Include your own original thoughts and ideas on what you have shared.

Repeated copy/paste posts could be considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.

Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.

If you are actually the original author, please do reply to let us know!

Thank You!

$0.66

1 vote

[-]

cheetah (77) · 7 years ago

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://steemit.com/cryptocurrency/@chebee/dubai-signs-deal-to-create-digital-currency-emcash

$0.00

1 vote

[-]

minnowpond (62) · 7 years ago

@reported has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.

        To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo
        To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo
        To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memo

$0.00

[-]

colivingclub (36) · 7 years ago

It is not a surprise that Dubai creates the most accessible ways of payments for its citizens. In fact, it is easy to call Dubai as one of the most innovative cities in the world right now. Truly an example to follow.

$0.00

1 vote