Besides the potential ending of the Petrodollar system in the Middle East and the growing shift Eastward towards the Yuan, another type of monetary settlement is making its way into the OPEC nations in the form of cryptocurrencies.
And on Oct. 1, one of the primary financial hubs in the region announced they will be implementing a new sovereign cryptocurrency which they plan to call emCash.
The local government in Dubai has officially launched its own cryptocurrency called emCash, according to announcements by local news media outlets. The cryptocurrency would be used for payment of governmental and nongovernmental services.
According to Ali Ibrahim, Deputy Director General of Dubai Economy, the token will be considered legal tender “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”
The flexibility and convenience of cryptocurrencies makes the solution a win-win for Dubai. The government is strongly pro-Blockchain and sees it as the next major wave of paradigm changing technologies, and wants to be forward-thinking in adoption.
According to Ibrahim:
“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.” – Coin Telegraph
emCash is not the first cryptocurrency being welcomed in Dubai as earlier this year a gold-backed one was created which is in line with the new Sharia Finance laws adopted late last year in the Islamic world.
Source: The Daily Economist