Local Government of Dubai To Launch Its First ever Cryptocurrency
Over the past few decades, Dubai has established itself as a nation that is quite open to adopting new advancing technologies. The country has been taking a lot of pro-active steps to embrace the ongoing fintech revolution and stay at the forefront of this. Recently we saw some of Dubai’s biggest real estate companies accepting payments in Bitcoins in exchange of a property.
As per the local news media outlets, Dubai’s local government plans to launch its own state cryptocurrency called “EmCash”. This cryptocurrency is said to be used as an official currency for all the government and non-government services.
Deputy General of Dubai Economy, Ali Ibrahim says that the token will be considered as a legal tender:
“For various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”
It seems that the Dubai government is quite optimistic about the new Blockchain revolution and taking quick and faster steps to bring this technology into the mainstream. As per Ibrahim:
“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.”
It seems that Dubai wants to establish itself a fintech hub in the eastern world and thus Dubai government aims to adopt the Blockchain technology completely by 2020 for a wide number of services in the country.
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