Dubai, the most fascinating city of the Middle East has recently decided to embrace the latest technology of Blockchain payments. Dubai Local government has officially launched emCash which is its own cryptocurrency according to the local news Arabian Business. This cryptocoin can be used for both governmental as well as non-governmental payments.
The cryptocurrency token will be considered a legal tender for many types of governmental and non governmental services and will cover day to day transactions as well as utility charges and money transfers, said Ali Ibrahim who is the deputy General of Dubai Economy.
According to Finextra News, Dubai Economy, a government backed development agency has signed an MOU with a UK based company Object tech in helping the creation of emCash which is the new cryptocurrency. This is a digital currency in the emPay wallet and is launched by a subsidiary of Dubai Economy Emcredit.
The Government agency is convinced with the fact that with emCash, users will get a secure currency transfer and the payments will be received in real-time without any need of intermediaries. According to the CEO of Emcredit, emCash customers are free to choose between any of the two payments options on the emPay wallet platform. These are the existing Dirham currency or the emCash. The Dirham payment option goes like the normal settlement process through intermediaries and costs while the emCash payments are settled directly between the emCash user and the merchant.
The blockchain technology discussed here is the technology which is deployed for shared ledgers and the control on the payments is not limited to a single user in the system and there is a continuous recording of transactions in the cryptocurrency system. This digital currency system is a great new innovation in the city of Gold and will help in removing a number of flaws in the current currency system used for the money transactions.