emCash was develop by the government of the city of Dubai. The purpose of this new cryptocurrency is for the citizens of Dubai to have a new currency that they can use to pay for government and non-government program and services.
Here is what’s great about Dubai. The government has put in place a program that will transfer all their official documents onto blockchain technology by the year 2020. So this city is not playing about embracing cryptocurrency and the blockchain tech.
An announcement adds that the digital currency will be based on blockchain technology that will see UAE residents use the digital currency via an on their smartphones.
‘emPay allows UAE residents to make varied payments, from their daily coffee and children’s school fee to utility charges and money transfers, through the near field communication (NFC) option in their phones,’ Dubai Economy explained. ‘With emCash, emPay users will have the option of a secure digital currency, and merchants receive such payments in real time without going through intermediaries’.
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emCash is The Official State Cryptocurrency of Dubai.
So this is a summary of how this will work.
emPay wallet app will allow residents to pay using emCash. Imagine, paying for breakfast, school bill, utilities, shopping or just daily money transfer to a friend or a business. All of that will be posible when you combine the power of Empay wallet and this new currency emCash.
Emcredit Ltd CEO Muna Al Qassa was quoted as saying “‘allows for shared ledgers so that control over payments is not limited to any single member in the emPay ecosystem and transactions are recorded instantaneously,”
Below a is more detailed review of emCash – purchase it here with Regal Assets.
Emcash Dubais First Bitcoin – The authorities of the town of Dubai established their own blockchain-based cryptocurrency a week. Officials claim that emCash employs the most recent blockchain technology and functions as a part of payment system named emWallet. As the city’s credit agency, Emcredit has made certain that the emWallet handles various kinds of transactions from their everyday coffee and children’s college fee to utility fees and cash transfers with a near-field communication (NFC) service through a smartphone.
The town will also have a shared platform, known as Blockchain as a Service, to assist Dubai government agencies use blockchain in a variety of projects.
Blockchains possible as a secure and decentralized platform for trades, financial or otherwise, isn’t lost to those with eyes to the future. The initiation of the emCash, however, is just a first step.
Dubai was working on getting the worlds first market that’s built on the blockchain, and with it its own cryptocurrency. This is where the citys attempts differ and might potentially influence economies through the whole United Arab Emirates (UAE). Obtaining approvals from other UAE government are going to be taken into account if needed, Ibrahim said.
The Wall Street Journal reports that Smart Dubai, the government office responsible for encouraging innovation in the nation, will be conducting private and government organization workshops during the next few weeks to identify those services best improved by blockchain. Following that, the office anticipates that pilot projects in both the private and public sectors will start rolling out this year.
The latter has tokenized their buck via an ethereum personal blockchain, but its execution in live production possibly be still a while off. While Hong Kong is pouring cash towards blockchain technology.
They’re all in a race of sorts to pull blockchain talent and companies in addition to maintain or gain places as a move to hub in the area with blockchain technology specifically and fintech more commonly seen as one of the most promising areas. With the vision apparently being one of the complete financial system operating on blockchain technology, from obligations, to lending, to even electronic documents. Something which other authorities most probably will continue to keep a very close eye on, to see how everything develops in practice.