🏨 Dubai Will Issue First Ever State Cryptocurrency
💰 The local government in #Dubai has officially launched its own cryptocurrency called #emCash, according to announcements by local #news media outlets. The #cryptocurrency would be used for payment of governmental and nongovernmental services.
🤴 According to Ali Ibrahim, Deputy Director General of Dubai #Economy, the token will be considered legal tender “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”
The flexibility and convenience of cryptocurrencies makes the solution a win-win for Dubai. The government is strongly pro-#Blockchain and sees it as the next major wave of paradigm changing technologies, and wants to be forward-thinking in adoption. According to Ibrahim:
#Blockchain technology, as a system for a number of various services, has been widely embraced in the country. Dubai is seeking to become a fintech hub for the eastern world and has even recently signed deals to allow for property sales entirely in Bitcoin.
The new cryptocurrency will move the country’s adoption paradigm forward.