Dubai: Soon the first state cryptocurrency?
According to media reports, the government plans to publish its own state cryptocurrency under the name of emCash.
Ali Ibrahim, Deputy Director of Dubai Economy, says that the token can be purchased as normal. So it does not matter whether you pay the coffee or the school fees with emCash. Via NFC technology transactions can be handled easily with the smartphone.
A further advantage is seen in the fact that the payments are processed in real time and traders do not have to intervene in financial services providers in order to accept customer payments. Correspondingly, traders will save a lot of money because no transaction fees are incurred as with card payments. In addition, counterfeit money is counter by emCash.
Support comes from the British company Object Tech Group Ltd, which provides the technology, including the wallet emPay. The amount to which state cryptocurrency is used by people in the near future has yet to be awaited. What is certain, however, is that the state or the authorities through emCash get a better overview, who, when something has spent.
Thanks Spawn for the info. It looks like that, each and every country will publish their own crypto currency in future . I wonder what will happen to huge investments in bitcoin as it growth seems to be limited now.