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The local government in Dubai has officially launched its own cryptocurrency called emCash, according to announcements by local news media outlets. The cryptocurrency would be used for payment of governmental and nongovernmental services.

According to Ali Ibrahim, Deputy Director General of Dubai Economy, the token will be considered legal tender “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”
Dubai embracing Blockchain technology

The flexibility and convenience of cryptocurrencies makes the solution a win-win for Dubai. The government is strongly pro-Blockchain and sees it as the next major wave of paradigm changing technologies, and wants to be forward-thinking in adoption. According to Ibrahim:

    “The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.”

Blockchain technology, as a system for a number of various services, has been widely embraced in the country. Dubai is seeking to become a fintech hub for the eastern world and has even recently signed deals to allow for property sales entirely in Bitcoin.

The new cryptocurrency will move the country’s adoption paradigm forward.


https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

Rich Arabs will flood cryptocurrency projects after this news. Very very good. I feel like in 10 or 20 years time all countries will somehow use cryptocurrencies in their some, especially digital services.

OMG. Great news indeed. I'm in game 100%!
BTW today I've heard the statistics that only at 2017 tourism brought to the budget more than $20B. And it was poor desert country just at 20th century!

This is just amazing news for the whole altcoin world as more Arab kings and princes will learn about cryptocurrencies, expect multi-million investments pouring into ICOs/coins with potential in the near future. As for the currency, it would make things simpler for a place like Dubai with a properly implemented system, daily trade should get smoother.

They are rich and they can invest a lot of money in this project. $20B just from tourism and where is oil, other businesses. Poor desert, they were that and in last 20-30 years they have the tallest building in the world, their town is growing with incredible speed. The town of the future, they saw potential of crypto currencies and they are getting in with their own altcoin that is great.
This project will be first of its kind, and we should pay attention on this, they already have some agreement made and looks like they are entering 100% in the crypto. They will likely be the worlds first in deploying fully functional governmental Blockchain services. Will they give everyone to participate and buy this altcoin, or they will make some rules that just their citizens can buy it?

These news will never stop. Now its time for goverments to  transfer goverment issued works to blockchain technology.
I know that World Bank is working on some projects in blockchain technology such as real estate records debits and etc.
You will see those news in near future that world bank supports blockchain technology.

Imagine if tourists will receive a debit/credit card when entering Emirates and they will just purchase this coin and have it on the card, using it for anything in the Kingdom. Imagine the adoption rate of it. Anyway, it will be then tied to their national currency's value, so the price will depend totally on their currency, I don't see it work differently. Something like Tether, my guess.

This is really great for bounty hunters here in this forum. In the future I can see a lot of projects, ICOs, and investors from Dubai. Indeed Dubai is a rich country. Many people here in my country still goes to Dubai to find job. Good luck on Dubais' journey to cryptocurrency.

i am a huge fan of state's own cryptocurrency! Dubai is welcome!!

Wait, what about DubaiCoin? Like was this coin, if I'm not mistaken .

whether they will make an ann thread in this forum and hold ICO, if yes then I am 100% sure that their project will succeed and reach hardcap within a day.

That will be good news but as I remember there is already project called Dubaicoin since 1_2 years.

This is really great news, specially on crypto-world. Hoping this kind of projects will also be available to other countries, they should know how crypto currency will help the country specially it's economy. Crypto currencies is the solution in every country for their business and economic problems. Crypto currencies  has a great potential and has a great future.

dubai always takes the right steps. a large and rich country. brand does not want to be outdated this modern dubai that always support the development of advanced technology and surely this will wins bitcoin to be higher I hope.

Be serious, this is a government coin and they wont hold an ICO! They already are building it with their own resources with an english LTD IT company.
Why would they run an ICO? I just don't get your logic.