DUBAI, UNITED ARAB EMIRATES – Ali Ibrahim, Deputy Director General of Dubai Economy has announced the nation will be launching its own cryptocurrency titled “emCash.”
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“The fast-paced environment and incredible willingness to adopt innovative technology has made Dubai the perfect place for us to do business. This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem. It will harness Blockchain technology to make financial transactions cheaper, faster and more secure while demonstrating the huge advantages of embracing this technology for governments, business and customers alike.”
The nation is pursuing to develop the nation into the financial technology center of the eastern world.