The growth and explosive popularity of Bitcoin over the past 10 years is a quality that can no longer go unnoticed in the regions of the United Arab Emirates. Since Bitcoin has made its way onto the information superhighway its value has grown exponentially, with an increasing cap seemingly always on the rise. Cryptocurrencies are certainly the rising stars of the future of money, and should have no real problems rivalling, and eventually replacing, conventional monetary systems, and the era of printed paper money. So, has the UAE entered the cryptocurrency market? The answer is a resounding YES. Dubai, the largest free economic zone in the region with zero percent corporate or personal tax, has issued their first license to the gold trader Regal Assets, and has recently started offering cryptocurrency services.
Dubai’s Blockchain-Based Cryptocurrency
It was in September of last year that the city of Dubai’s government website announced that it has established a partnership to help facilitate contactless financial transactions, opening the door for the birth of cryptocurrencies in the region. The partnership was brought under the umbrella of Dubai Economic Accelerators to develop the regions very own cryptocurrency, emCash.
EmCash is a digital currency that is held in emWallet, and allows UAE users to make contactless payments across the board. Paying for groceries and utilities, school fees, and transferring money to family and friends can all be done via the use of near field communication (NFC) technology accessible from most mobile devices nowadays.
Benefits of the emPay system are received by both the customer and the vendor, making and receiving payments in real-time by way of this secure digital currency. The introduction of emCash is pitted as being one of the single greatest aspects in the evolution of Dubai into the smart city of the future, improving the overall quality of life in the region and amplifying a better way of doing business.
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Emirates Digital Wallet
Emirates Digital Wallet (EDW), is a platform that has been jointly established by 16 of the UAE’s leading banks, and have recently announced the release of “Klip”, an app that is going to help UAE residents replace their old paper money with new coins at the touch of a few buttons. Klip is paving the way for the future of cashless transactions in the region, combing the convenience and easy of using a cell phone with the familiarity of making everyday purchases and payments.
A brand like Klip is one that has come to make waves in the way that things are currently being done, smoothing the way for seamless transactions in a cashless society, and improving everyone’s life on a daily basis. The introduction of Klip is going to provide the UAE with a strong boost in their efforts to build an all-inclusive ecosystem that benefits all stakeholders, setting the course for the country’s cashless transition into the future.
Adaptability to Crypto
Its thanks in large to the willingness of the city of Dubai to incorporate these new technologies and innovations that have made it the perfect place to take this next step. The creation of a whole new economic ecosystem is the ambition here, aiming to make Dubai the very first blockchain-powered government in the world. Hoping to achieve this ambitious aim as soon as 2020.
Another priority high up on the agenda is the education of the people, both in private and public sectors, to educate them about the potential of blockchain technology. Additionally these workshops are designed to identify and enhance the related services offered by blockchain technology, and get them prioritized for implementation.
The future of Dubai and the region of the United Arab Emirates is certainly seeing itself evolve into the future itself. Bitcoin in the United Arab Emirates is the first step to this futuristic view of the world, starting with their own digital currency, Dubai is leading the world’s cryptocurrencies right to its own front door.