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Dubai issues it's first official cryptocurrency - emCash
On the 26th of September, the Department of Economic Development launched an official press release on their website where they state that they started working via one of its subsidiaries, Emcredit and ObjectTech Group Ltd a London based company on bringing emCash, an encrypted digital currency which can be used in Dubai.
All parties involved see the opportunity of this partnership and the future of the blockchain payments:
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.
We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators programme. Obtaining approvals from other UAE authorities will be taken into consideration if required
Ali Ibrahim, Deputy Director General of Dubai Economy
Customers can choose between two payment options on the emPay platform – the existing dirham payment or emCash.
While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant.
emCash thus gives real time value movement and merchants can pass the cost benefit to the emCash holder. It also reduces fraud as well as inflation since currency is issued in real time based on actual demand.
Muna Al Qassab, CEO, Emcredit Limited
We're delighted to be working with EmCredit and Dubai Economy on the EmCash project.
The fast paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business.
This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem.
It will harness blockchain technology to make financial transactions, cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.
This is a key step towards creating a truly connected city.
Tom Morgan, Director & Co-Founder of Object Tech Grp Ltd.
The emCash currency will be used on the emPay wallet which will also be launched by Emcredit Limited.
The transactions will be almost instant and the fees will be slighty reduced.
making the city even more attractive to new business.
This is only one step in Dubai's goal of being the first real blockchain city. Another step towards this was last years announcement to have all goverment documents stored on the blockchain by the year 2020 .
Also earlier this year they signed another partnership with Object Tech Grp Ltd. to develop digital passport to seamless entry at Dubai Airport.
Dubai, has made a very difficult transition from an oil based economy to a service and tech one.
Today only 5% of the GDP is based on oil.
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It aims to be a major player in technology development in the future. With the steps they are taking, they seem to be on the right track.
This strategy will be an example not only for the Gulf states, but other countries in the world as well.
Compared to other blockchain based currencies, we can presume, as other information is lacking, that emCash will be centralised and that the blockchain will be controlled by the state.
What do you think about Dubai's move?
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