Emcash – Future coin for Future City
A few month back the Government of the city of Dubai launched own Blockchain-based cryptocurrency Emcash, Dubai city’s economy department has done a collaboration with one of its subsidiaries named as emcredit limited and united kingdom based object tech group, ltd to create Emcash which will be Dubai states official digital currency or cryptocurrency,
Emcash will runs on its own Blockchain network which is designed for various financial transactions in Dubai.
Emcash will act as one of the strong Dubai Government’s economies accelerators.
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few,” Dubai economy deputy director general Ali lbrahim said in a press statement. “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.”
How Emcash can help Dubai and what is plan for Emcash.
Dubai has been working on becoming the world’s first economy that’s built on the Blockchain technology, and the first government with it its official own cryptocurrency. This is where the city’s efforts differ, and could potentially influence economies through the entire United Arab Emirates (UAE).
“obtaining approvals from other UAE authorities will be taken into consideration if required,” lbrahim said.
“the fast paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business,” said muna al qassab, ceo of Emcredit limited, in the city’s press release. “this project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem.”
Officials claim that Emcash uses the latest Blockchain technology and works as part of the payment system called Emwallet. As the city’s credit bureau, Emcredit has made sure that the Emwallet handles various types of transactions—from “their daily coffee and children’s school fee to utility charges and money transfers”—with a near-field communication (NFC) support through a smartphone.