Dubai Issues Official Cryptocurrency to Replace Fiat Payments
The government of Dubai is moving to replace traditional money with cryptocurrency. As part of a new partnership with a UK tech group, the emirate will soon roll out the currency, called emCash.
New Digital Currency to Enable Contactless Payments
Dubai Economy subsidiary emCredit will work with UK-based Object Tech Group Ltd. to create the currency. The blockchain-based emCash is part of the emPay wallet, which will allow the people of Dubai to make contactless payments with their smartphones’ NFC capabilities.
Arabian Business reports that the encrypted digital currency will be valid for both government and non-government services.
True to the blockchain’s decentralized nature, emCash will allow merchants and customers to transact without a financial intermediary, such as a bank or credit card company. Additionally, the currency’s encryption will reportedly give users greater security than traditional payment methods.
While these features have long been commonplace to hardcore crypto enthusiasts, emCash’s architects say it will totally change the way Dubai does business.
Dubai Economy deputy director general Ali Ibrahim told press:
“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.”
A Mission to Make Dubai a City of the Future
This development serves as a milestone in Dubai’s journey to integrate cutting edge technology into the daily lives of its citizens. In its efforts to research and adopt the best technologies — including the blockchain — the city aims to make itself a competitive location for potential residents and businesses.
As such, Dubai has become heavily interested in blockchain technology. In fact, in April 2017, the city announced that it wanted to put all transactions made in the city on a blockchain.
Now, with the introduction of emCash, Dubai is one step closer to reaching that goal.
Do you think this new digital currency will be successful? Share your thoughts in the comments below.
Images via Travel and Leisure, ObjectTech