The government of the city of Dubai reportedly launched its own blockchain-based cryptocurrency that is named emCash.The UAE announced that the ci
The government of the city of Dubai reportedly launched its own blockchain-based cryptocurrency that is named emCash.
The UAE announced that the city of Dubai will develop and implement emCash, an encrypted blockchain-powered digital currency that will allow citizens to pay for government and non-government services, as cryptocoinnews.com wrote in a recent report.
The project is realized by Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Grp Ltd that cooperate under the Dubai Economy Accelerators umbrella.
“Founded on the latest block chain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. emPay allows UAE residents to make varied payments, from their daily coffee and children’s school fee to utility charges and money transfers, through the near field communication (NFC) option in their phones.”, as stated in a press release .
There will be also a number of associated products to protect emCash wallet and digital documents, enable direct real-time settlement and peer-to-peer lending, and provide credit rating based on the distributor ledger of emCash, according to the official statement.
Muna Al Qassab, CEO, Emcredit Limited, commented that the collaborative work between the companies aims to create an ecosystem for the deplployment og a digital currency, as reported in the announcement.
“Customers can choose between two payment options on the emPay platform – the existing dirham payment or emCash. While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant. emCash thus gives real time value movement and merchants can pass the cost benefit to the emCash holder. It also reduces fraud as well as inflation since currency is issued in real time based on actual demand.”, as Muna Al Qassab reportedly said.
Ali Ibrahim, Deputy Director General of Dubai Economy, explained that the new cryptocurrency will help Dubai realize its goal of truning into a smart economy. He added that it would reinforce the country as a competitive business destination and enhance customer happiness.
The press statement can be found on the following link.