Dubai Gets First Crypto-Currency
If you’re a digital business in the UAE, perhaps looking for the best service for business improvement Dubai has to offer, you need to know about a new development from the city’s government.
According to Business Insider, Dubai has just unveiled its very first official crypto-currency. emCash has been created by the city’s economy department in partnership with financial and tech groups.
You’ll undoubtedly best know the idea of an encrypted digital currency such as emCash through the likes of bitcoin – however, you may not be aware of the benefits of embracing it for your business yet.
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few,” said Dubai Economy deputy director general Ali Ibrahim in a press statement. He believes it will change the way Dubai does business and mark a change in the way the city’s businesses embrace new and game-changing technological advancements.
emCash will not only be useful for businesses however, it will also be able to deliver on all kinds of transactions as part of emWallet, from large transfers to buying your morning coffee with near field technology installed in readers and on user’s smartphones.
Smart Dubai, the innovation department, will be looking at identifying the best services and systems that will be enhanced by the use of emCash, with the idea of rolling out infrastructure within the year.
Dubai has been long working towards becoming the first economy which is built on a blockchain crypto-currency, and emCash is the first step towards this goal, so something that businesses can not ignore.