Dubai: To be the First Government to Use Cryptocurrency
The government of Dubai has finally seen the advantages of cryptocurrency and finally introduced the cryptocurrency that is sponsored by the state. The emCash has been made available to all Dubai’s citizens as a means to pay for any transactions and services dealt with the government and even non-government agencies. It is quite a surprise that Dubai took the lead on being the first nation to launch this kind of system of currencies considering that many states have thought of doing the same.
Yes, these tokens have legal tender status
The effect of this legal tender is that it can be used as a payment mode, from government and non-governmental transactions to buying groceries, paying for electricity bills or even your child’s tuition fee. This makes Dubai a state that uses digital currency and it makes dealing and transacting even more convenient, flexible, secure, and other possibilities that the token may offer. The government firmly believes that the cryptocurrencies and Blockchains have contributed to a huge shift in countries financial and technological condition. This only made Dubai and its government to be the most advanced and liberal nation in terms of digital currency. Moreover, this made Dubai to be best place for investors and businessmen to transact their businesses in the nation. This can pave way to the creation of an entire ecosystem and will make Blockchain apps and technology to be less expensive, quicker, and more protected. This can be achieved while introducing great improvements for homes, customers, and businesses.
Dubai became the leading nation in Fintechs
This launch has made Dubai one step closer to achieving its goal of becoming the hub of Fintechs in the world. Bitcoins are now allowed to be used as payments in the sale of property. The partnership created between Emcredit Limited, which is a subsidiary and Dubai’s department of economy has created emCash. This digital currency offers several advantages in a way that it the processing was quickened, the delivery time was improved, the cost has become less difficult to comprehend and made cheaper. This poses a huge change in the dynamics between the consumer and the seller in Dubai. This kind of innovation also brings promising improvement in making transactions easier and the quality of life higher.
Only time can tell whether those countries that were already considering launching this kind of currency in the market will trail the steps of Dubai in using digital currencies. But it is also possible that these countries will observe on whether this change in Dubai becomes successful or not.