In the current trend of digital payments, every nation is introducing their own mode of digital networks. Countries like US, UK already have legalised the cryptocurrencies like Bitcoin and Ethereum while other nations are now analysing the models of cryptocurrencies.
The Countries like Japan and UAE also have a great value for these cryptocurrencies and the country has a wide user range of Bitcoins.
Japan has announced plans to introduce a new digital currency called J-coin, modeled after Bitcoin. The government aims to roll out J-coin before the 2019 Tokyo Olympics, positioning it as a modern payment solution during the international event, according to a recent news bulletin.
The current trend of payment exchange and global market for cash transactions has made every country to recognise the potential in the cryptocurrencies and so is the growth in the different types of cryptocurrencies.
The local government of Dubai has announced that it will launch “emCash,” a state-owned digital currency. Authorities plan to enable this currency for a wide range of payments across the country, including both governmental and non-governmental transactions.
In a statement, Ali Ibrahim, Deputy Director General of Dubai Economy, said the new currency could serve daily transactional needs. Parents can use it to pay school fees, while households can cover utility bills and retail expenses with it. He added that the currency supports a wide range of payments, including both retail and merchant transactions.
According the State Economic members, the concept of cryptocurrency would make Dubai even more forward and also the announced that the government is strongly for the pro-Blockchain models and the government is keen to see the next wave of paradigm changing technologies and adopt them.