Fascinating news, for the first time, a country is creating a Cryptocurrency for official use.
A partnership has been set up to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services in Dubai.
According to state news agency WAM, Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group Ltd will work together to establish contactless payments.
Based on the latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments.
emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones.