Dubai is first Country to issue Cryptocurrency
Dubai has taken a step that many other countries have so far avoided. They have decided to launch their very own state sponsored cryptocurrency according to numerous local outlets. It will be called emcash and could be used to pay for services either private or public.
According to the deputy general of the Dubai economy, Mr Ali Ibrhaim it will be the a state sponsored tender for
for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.
Of course it should not be surprise that a country such as Dubai would be taking such steps. The Emirate has been at the forefront of the startup scene in the Middle East and indeed the world. The government also looks favourably on Blockchain technology and wants to make sure that they are able to make the most of the excitement sweeping the globe.
Ibrahim went on the explain why this move was taking by the government. Dubai is particularly adaptive when it comes to technology. They also see the creation of this crypto currency as an oppurtunity to harness the blockchain to make transactions cheaper and more secure for consumers and businesses alike.
More to Come From Dubai?
This is not the first time that Dubai has been in the press when it comes to cryptocurrency. The government has set their sites on also being the first government that is completely run by blockchain. They want to eliminated a great deal of the manual processing of visas, passports and residencies by placing it on the blockchain. They also improve government operations by moving inter-governmental paperwork onto the blockchain by 2020.
In other signs of mass adoption for the country, last month it was reported that property was been sold for Bitcoin. This could be great for the ecosystem as a whole.
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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.