Dubai is one of the most futuristic cities in the world so much that it has issued its own cryptocurrency. In the recent decades Dubai has seen an incredible transformation: from a small desert village to one of the biggest metropolises. A global phenomenon which attracts a lot of tourists, trade partners and business people from all over the world.
Dubai has also become an important point of reference to the development of innovative technological projects such as flying taxis, bullet trains, robot policemen, and cryptocurrencies.
While so many countries have declared their intention to issue their own cryptocurrency, Dubai has been one of the first to make this intention come true.
A crypto currency is a digital trading currency which uses cryptography to make guarantee the safety of transactions and to generate money.
The fundamental principle of a cryptocurrency is that it does not have to experience inflation since it is not managed by a centralised body (our banks, for instance). On the other hand its safety is guaranteed by the blockchain technology.
Dubai local Government has recently officially launched its own cryptocurrency emCash. According to Ali Ibrahim, Deputy Director General of Dubai Economy, emCash will be considered as a legal currency for all types of governmental and non-governmental services: “from the daily coffee, to school children fees, and from service expenditures to money transfer”.
A digital currency has different advantages amongst which are safe and real-time transactions which do not require the disclosure of the user’s identity.
The United Arab Emirates citizens will have the opportunity to arrange different types of transactions and payments by downloading an application called ‘emWallet’ on their smartphones.
The users will always have the possibility to pay in dirham or with the digital currency. In the former option, the payment will proceed with the normal clearance process and cost, while in the latter, i.e. using emCash, the payment is faster and direct with no commissions to the intermediary.
Moreover, digital payments with emCash will reduce infringements and frauds, since the currency is issued on the basis of the real time demand and time.
The Government of the United Arab Emirates strongly believes that emCash will change the way people live and do business in Dubai in particular and in all the country in general, as it will improve the quality of life of its own citizens.