The government of Dubai launches their own crypto currency called emCash, where it is possible to pay for various kinds of state and non-public services.
The first state crypto currency is called emCash and will be used in the purse emPay, launched by Emcredit in order to support contactless payments.
Object Tech Group Ltd, with reference to the state news agency WAM.
According to the Deputy Director of the Ministry of Economic Development Ali Ibrahim, emCash allows strengthening the status of Dubai as a competitive direction, improving the quality of customer service and accelerating the evolution of the emirate into a “smart” economy.
You can pay by new token trough your smartphone; suppliers will receive payments online without intermediaries. The Dubai authorities are confident that the official Crypto currency will completely change the business and the whole lifestyle in the emirate.
Advantages of digital conversion, accelerated payment processing, ease of use, lower transaction costs. In addition, emCash will not be subject to inflation and less susceptible to fraud.
Some time ago, the largest trade and financial forum of the Middle East was held. Within the framework of this conference, several strategic partnerships were concluded, including companies such as IBM and ConsenSys.
In some countries of Europe, in particular in Sweden, cash is losing popularity, and therefore there also think about replacing the krone for crypto currency. The central bank of Sweden estimated that last year only 15% of payments were made in cash, all the rest by mobile wallets, cards and other means, reports MIT Technology Review.
According to Swedish experts, digital money will provide anonymity, but they will not be as volatile as the same bitcoin.
Similar projects are to appear in many countries of the world. So, Estonia was going to launch the first national crypto currency in the world – estcoyin. However the head of the European Central Bank, Mario Drago, shown disagreement: “An EU member state can not enter its currency: the Euro area currency is the Euro.”
In Russia, the Central Bank and the Ministry of Communications declare about the “cyberruble” project. The Chinese authorities also hinted at the possibility of including their own crypto currency. In India, the Central Bank opposed the bitcoins, but for the creation of its own crypto currency.