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Dubai Launched First State-sponsored Cryptocurrency in the World

Written by: Bridgewest

Dubai-launches-first-cryptocurrency-in-the-worldThe Dubai government is the first authority in the world to have launched a state-sponsored cryptocurrency, according to a recent press release. The digital coin will enable UAE citizens to pay for various types of services, including the ones offered by the government. Our Dubai company formation consultants can offer information on the legislation related to cryptocurrency available in the country.

The new Dubai digital token is called emCash

And it will be the first local cryptocurrency in the world, despite several other governments to have announced similar launches. The new token will have a legal status and will allow Dubai residents to use emCash for the payment of various services, supplied or not by the government. From regular payments related utility bills to money transfers and even school tuition, there will be plenty of uses for such currency, according to the Dubai government.

Through this launch, Dubai became one of the most advanced technology-driven nations in the world when it comes to blockchain and digital currencies.

Foreign investors who want to set up fintech companies in Dubai can request our company registration advisors to assist them with the incorporation of the business.

Dubai wants to become a fintech hub

Among the advantages announced by the Dubai government are the reliability of the financial transactions which will become faster and more secure, as well as the benefits brought to companies and their clients who will no longer depend on cash transactions in certain cases. Faster processing times, lower costs and reduced complexity are also other advantages of the new emCash, without mentioning that a supervised release of the new currency would not allow for money laundering. This way, Dubai will become “the perfect place for doing business”.

The creation of a state-sponsored digital currency is not the first step taken by the government to promote cryptocurrency, as several agreements were signed for bitcoin payments to be allowed in real estate sales.

At global level, Dubai is seen as the first country to test the reliability of cryptocurrency and countries are expected to see how good the emCash performs before deciding to include digital coins as alternative payment solutions.

If you are interested in starting a cryptocurrency company in Dubai, please contact us.

 

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