Dubai launched their blockchain-based official cryptocurrency last month, making it the first state-run cryptocurrency in the world. The city's local government partnered with United Kingdom-based Object Tech Group Ltd and Dubai Economy subsidiary Emcredit Limited to create emCash, an encrypted digital currency to support contactless payments. These partnerships are part of Dubai's Accelerators Initiative and now the Dubai Economy Accelerators program.
emCash could be used in financial transactions for both government and non-government services. This could be anything from your morning coffee to your kid's school fees to utility bills. The official cryptocurrency has several benefits according to the economy department's Deputy Director General Ali Ibrahim, including "faster processing, improved delivery time, less complexity and cost, to name a few."
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