To promote the growth of the blockchain, Dubai launches its own crypto currency
picture source :https://goo.gl/images/AidoPd
The United Arab Emirates is continuing its pledges of confidence in blockchain and crypto-currencies: the city of Dubai has just announced the creation of its own virtual currency, the EmCash. It can be used for several daily services.
While several countries, such as China and South Korea, have banned the raising of funds linked to currency crypto, other states, such as the United Arab Emirates, are increasing confidence in these virtual currencies .
Dubai has just announced the creation of a crypto official currency, the EmCash, which should serve to regulate both public and private services. According to Ali Ibrahim, head of Dubai's economy, this currency, which can be used on smartphones with a contactless payment option, can be used for "many public and private services, be it daily coffee, tuition fees children or money transfers. "
Developed through a partnership between the Municipality of Dubai, the local company Emcredit Limited and the British company Object Tech Group, it is an integral part of the EmWallet payment system.
picture source :https://goo.gl/images/HHbhM8
DUBAI GETS BIG ON THE BLOCKCHAIN
The United Arab Emirates intends to play a leading role in the potential for economic downturn, as Ali Ibrahim says: "This project is a good example of our ambition: together we create a completely new economic ecosystem. It will use blockchain technology to make financial exchanges cheaper, faster and more secure while demonstrating the benefits of adopting this technology for governments, businesses and customers. "
As we explained in June, under its complicated borders, the blockchain is nothing but a database - information, titles, contracts, music ... - hosted on the Internet, be distributed to its users and to establish contracts between individuals without any intermediary. The United Arab Emirates has already adopted it for many services.
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Interesting this. Is it the first state cryptocurrency?
yes, from my information.
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