The Dubai government launched their own (EmCash) blockchain-based cryptocurrency last week. The city’s economy department partnered with one of its subsidiaries called Emcredit Limited and U.K.-based Object Tech Group, Ltd. to create EmCash. This new “encrypted digital currency” is a product of partnerships Dubai has cultivated through their Accelerators Initiative and brought under the umbrella of the Dubai Economy Accelerators.
EmCash Advantages and Usage
“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 Ibrahim 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.”
emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones.
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.
Ali Ibrahim, deputy director general of Dubai Economy, said emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai’s evolution into a smart economy.