As we all know, Dubai is ahead of the times in a number of areas. Architecture, design, tech, luxury and more are areas that Dubai excels and today they dive deeper into the world of modern technology. Today we get the news that Dubai To Issue First Ever State Cryptocurrency. The local government in Dubai has officially launched its own cryptocurrency called emCash which 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.” Ibrahim also added “The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.” Is this a move for the future for all countries? Time will tell. Speak your thoughts on the news below and stay tuned for much more from the world of tech and currency coming soon.