Dubai government has announced that they will be soon launching their official cryptocurrency called ’emCash’. Similarly, reports suggest that India is also interested to introduce its own cryptocurrency, alternate to Indian Rupee called Lakshmi.
emCash Dubai’s cryptocurrency will be used for payment from smallest to biggest products be it paying for coffee or payment for a vehicle. The transfer of money will be immediate and almost free.
In India, Reserve Bank’s executive chairman Sudarshan Sen said “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”
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In Dubai, Deputy Director General of Dubai Economy Ali Ibrahim said:
“A digital currency has varied advantages faster processing, improved delivery time, and less complexity and cost. It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve the ease of business and quality of life. We are delighted to have Object Tech as our partner in this initiative and the Dubai Economy Accelerators program. Obtaining the approval of other UAE authorities will be considered if required.”
The importance of cryptocurrency is now being realized by major economies around the world. It also indicates that cryptocurrency is the future of all financial transactions.