The government of Dubai has officially launched the programme of its own cryptocurrency called emCash, The Cointelegraph reports.
Based on blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments.
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.
“A digital currency has varied advantages: faster processing, improved delivery time, and less complexity and cost,” local media outlets quote Deputy Director General of Dubai Economy Ali Ibrahim as saying.
Ibrahim believes emCash will reinforce Dubai as a competitive business destination, and accelerate Dubai’s evolution into a smart economy.
“The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike,” Ibrahim added.
The Dubai government is strongly pro-Blockchain and sees it as the next major wave of paradigm changing technologies, and wants - to be forward thinking in adoption. It is one of the largest governments to date to create its own digital currency.