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.
Recently, according to a news bulletin Japan is also set to introduce a new currency called J-coin which also works on the model of bitcoin. Japan is now all set to launch the currency by the 2019 Olympics that are going to be held at Tokyo.
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 the launch of “emCash“ which is going to be the state owned currency model. This currency would be enabled for various governmental and non-governmental payments across the country.
In a statement the Deputy Director General of Dubai Economy, Ali Ibrahim has said that the currency could be used for daily transactions as well. The parents can use them to pay the schools bills. The household utility payments, retails payments and many other payments can be made through this currency, he added. The retail transactions as well as the merchant transactions would also be enabled for these coins.
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.