🍀 According to local media reports, the local government in Dubai officially launched its own encrypted digital currency on the basis of a blockbuster called emCash. Crypto currency will be used to pay for government and non-government services.
🍀 The digital currency will develop thanks to the partnership between Emcredit, a subsidiary of Dubai Economy and the British blockbuster start-up of Object Tech. Dubai Economy is the government body responsible for planning and implementing the economic agenda of the Dubai Emirate.
🍀 The statement adds that the digital currency will be based on blocking technology that will allow residents of the UAE to use the digital currency through the emPay purse application on their smartphones. Deployment of the block account allows the use of general registers so that payment control is not limited to one member in the emPay ecosystem, and transactions are recorded instantly, 'explained Muna Al Cassab, CEO of Emcredit Ltd.
💎 'EmPay allows UAE residents to make a variety of payments, from daily coffee and school fees to utilities, including money transfers, using the short-range (NFC) option in their phones,' explains Dubai Economy. 'With emCash, emPay users will have a secure digital currency, and traders will receive such payments in real time without going through intermediaries.' 💎
🍀 According to Deputy General Director for Economics of Dubai Ali Ibrahim, the token will be considered a legal tender for various governmental and non-governmental services.
🍀 Flexibility and convenience of the crypto currency make the decision a win-win for Dubai. The government strongly supports the blockade and sees it as the next important wave of paradigm shift technologies and wants to be thoughtful in acceptance. According to Ibrahim:
💎 'The rapidly developing environment and the incredible willingness to introduce innovative technologies have made Dubai an ideal place for business. This project is an excellent example of the ambitions that we have met here, together we essentially create an entirely new economic ecosystem. It will use Blockchain technology to make financial transactions cheaper, faster and safer, demonstrating the tremendous benefits of using this technology for governments, businesses and customers. ' 💎
🍀 Dubai uses Blockchain technology
🍀 The government of Dubai is already working with the British company Object Tech to develop digital passports for travelers visiting Dubai using blockchain technology. The broader powers of the government make it possible to direct efforts to make Dubai the world's first block-town. In fact, within the framework of the initiative of the government 'Blockchain Strategy', among other things, all government documents will be translated into blockboys by 2020.
🍀 Earlier this year, the Smart Dubai Office, a government-sponsored initiative led by Crown Prince in Dubai, entered into partnership with FInTech in the direction of creating a city payment system. As part of this specific effort, 38 existing partner government organizations, financial institutions and other city departments will be connected to the payment platform.
🍀 The new crypto currency will allow the country to make a significant step forward.
🤗 source: http://gesellberg.com 🤗