Some years ago, we discovered that Sweden was going to establish E-Krona, a national cryptocurrency, and India appears to be following suit. 2017 was the year that marked for Dubai to create its own national cryptocurrency.
Emcash: Dubai’s Cryptocurrency
The announcement was made in the local newspaper Arabian Business, and it would be known as “EmCash.” The deputy director-general of the Dubai economy, Ali Ibrahim, described what this cryptocurrency may be used for. The token will be used to pay for “various government and non-government services, ranging from their daily coffee and children’s school tuition to public services and money transfers.” »
Dubai Welcomes Blockchain Technology
Because of cryptocurrencies’ flexibility and ease, this is a win-win situation for Dubai. The government is enthusiastic about blockchain technology. He sees these new technologies as the next major paradigm change in technology. Dubai wishes to be at the forefront of this movement.
"The rapid evolution, together with the incredible willingness to adopt innovative technologies, has made Dubai the perfect place to do business. This project is a very good example of the ambition we are achieving here, together we are, so to speak, creating a whole new economic ecosystem. We will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the enormous benefits for governments, businesses and individuals to adopt these new technologies." Ali Ibrahim
EmCash, based on the most recent blockchain technology, will be the digital money in Emcredit’s emPay wallet, which will facilitate contactless payments. emPay enables UAE citizens to pay for anything from their daily coffee and children’s school fees to energy bills and money transfers using the near field communication (NFC) feature on their phones. emCash gives emPay consumers the choice of a safe digital currency, and merchants receive such payments in real-time without the use of intermediaries.
Object Tech has officially signed a memorandum of understanding (MoU) with Dubai Economy to collaborate with Emcredit on the development and implementation of emCash. According to Ali Ibrahim, Deputy Director-General of Dubai Economy, emCash will give contactless transactions a financial identity, establish Dubai as a competitive business location, increase consumer pleasure, and expedite Dubai’s transition towards a smart economy.
Emcredit and Object Tech will collaborate to create a competitive, responsible, and legally compliant emCash ecosystem. A variety of related technologies will be created to safeguard the emCash wallet and digital documents, enabling direct real-time settlement and peer-to-peer lending, and giving credit ratings based on the emCash distributor ledger.
Blockchain technology has been accepted in the country as a method for numerous services. Dubai is attempting to become a financial powerhouse for the rest of the Western world and has just inked contracts that allow property deals to be conducted solely in Bitcoin.
How does emCash work
emCash is bundled with emPay. It is a mobile wallet that may be used for everyday transactions such as movies, bill payments, meals, school fees, grocery, leisure, and so on. If you wish to do any anonymous transactions without disclosing your identity to anyone. So, before making a transaction, one can select between emPay or emCash. The transactions will be handled in a timely and secure manner.
Emcash impacts on Bitcoin
Because emCash is a product of the Dubai government, it will appeal to the majority of people, as this is the first time a government has undertaken such an initiative. Transactions in Dubai might thus be carried out using emCash rather than bitcoins. This has the potential to have a significant impact on bitcoin. We’ll have to wait and see how emCash influences bitcoin and what benefits we may obtain from it aside from anonymous transactions and regular payouts.
Is it legal to use cryptocurrency in Dubai?
The UAE Central Bank has neither approved or recognized cryptocurrencies as legal money. There are no restrictions on crypto assets, and they may be exchanged on crypto exchange platforms. Citizens of the UAE can hold, deposit, and exchange cryptocurrencies.
It is Binance’s second city of approval; the business acquired a cryptocurrency license in Dubai last month. The action also comes after Binance was approved by Bahrain’s national bank.
Are there any Bitcoin ATMs in Dubai?
Unfortunately, there are currently no Bitcoin ATMs in Dubai. However, there is one Bitcoin teller at the Coinsfera Bitcoinshop on 14th Road in Baniyas Square. You may use our Bitcoin ATM discovery tool to check in on a regular basis to see if one has opened.
Is Ethereum legal in UAE?
There is currently no crypto legislation in the UAE. The FSRA’s “Regulation of Crypto Asset Activities in ADGM” is the most complete guidance regarding cryptocurrencies in this country.