Dubai’s government is set to launch a cryptocurrency in partnership with a UK based blockchain start-up called Object Tech Grp.
The new “encrypted digital currency,” called emCash, will be based on the latest blockchain technology, Dubai’s economy department says in a statement, and will be usable through emPay, a wallet launched by Emcredit to support contactless payments.
Dubai’s citizens will be able to pay “for various government and non-government services” with emCash, “from their daily coffee and children’s school fee to utility charges and money transfers,” they say.
Ali Ibrahim, Deputy Director General of Dubai Economy, stated:
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. 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.”