The city of Dubai has just launched its own cryptocurrency at a time when the cryptocurrency world has come under series of controversies. The city is launching the digital currency courtesy of a new partnership encouraged through its Accelerator Initiative. The digital coin named emCash, is intended to be used for diverse financial transactions and runs on its own blockchain.
While some individuals are painting a bleak picture regarding the future of digital currencies, some others are keying in to harness the potential the cryptocurrency world offers.
The Dubai city’s government last week, launched their own blockchain-based digital coin, by partnering with one of its subsidiaries known as Emcredit Limited and Object Tech Group Limited, based in the UK. The digital currency is to be used by both government and non-government services.
What this means to the future of Dubai City
According to Dubai Economy deputy director general Ali Ibrahim, “A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. 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 ease of business and quality of life.”
Officials maintain that emCash makes use of the latest blockchain technology and is an integral part of the payment system referred to as emWallet. The purpose of the emWallet is to take care of different types of transactions. From their children’s school fee and daily coffee to money transfers and utility charges, the payment system will address all concerns. It is to enjoy the support of the near-field communication (MFC) option of their Smartphone.
One advantage the emCash, empay users will have is the option of a secure digital currency. Merchants, on the other hand, will receive payments in record time without the need for intermediaries. Besides, the city will have a shared platform known as Blockchain as a service, to assist agencies of government to employ the blockchain in different projects.
Moreover, other advantages of digital currency include quicker processing, improved time of delivery, lower cost, less complexity, and lots more. The launching of emCash will certainly revolutionize the way business in Dubai is done and bring ease of business as well as improve quality of life of the people.
According to the Wall Street Journal, Smart Dubai, the government office responsible for encouraging innovation in the country, will be conducting government and private organization workshops in the next few months in order to discover those services that are best improved with the use of blockchain. It is expected that pilot projects in the public as well as private sectors would start to be executed after that.
Dubai remains a highly conducive environment to do business and that is why a lot of businesses are attracted to the city. Adopting a technology-driven approach would, no doubt, boost the economy further and create more jobs in the future.
Dubai has taken the lead in adopting a government-owned cryptocurrency. It is likely that other cities and countries might follow suit in the coming months.