Dubai Releases Its First Official Cryptocurrency
Dubai suddenly becomes a hot topic in the crypto world!
Dubai, one of the most popular cities worldwide, known for luxury shopping, ultramodern architecture and a lively nightlife scene, Burj Khalifa, Dubai Fountain, beautiful artificial islands, has indeed become one of the hottest topics in the crypto industry today.
Why? It is because Dubai officially announces it’s own cryptocurrency. This news has surprised some people and didn’t see this coming. But how did they make it possible and how would this change Dubai?
FUTURE CITY, FUTURE CASH
The government of the city of Dubai launched their own blockchain-based cryptocurrency last week. The city’s economy department partnered with one of its subsidiaries called Emcredit Limited and U.K.-based Object Tech Group, Ltd. to create emCash. This new “encrypted digital currency” is a product of partnerships Dubai has cultivated through their Accelerators Initiative and brought under the umbrella of the Dubai Economy Accelerators.
“A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few,” Dubai Economy deputy director general Ali Ibrahim said in a press statement. “It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.”