The cryptocurrency craze has taken over the entire world, and there is no reason to believe it will slow down. On the contrary, as the use of the internet increases in the future, the concept of cryptocurrency will become more popular.
Digitalization is being seen as the stepping stone into the cities of the future. All of our lives' aspects have somehow been made digital, and that has made our lives easier. No one can even imagine their lives without the internet today. Digital transactions are very much popular now than they were a few years ago. Thanks to this comfort with using digital payment methods, the use of cryptocurrency is rising worldwide.
Every country wants to establish itself into a city of the future, but none of them are as ahead of the curve as Dubai. The biggest proof of this fact is EmCash. While the whole world is debating on the viability or necessity of a cryptocurrency, the government of Dubai has introduced a cryptocurrency of their own which is EmCash.
The concept of cryptocurrency is a digital or virtual currency normally generated through a shared database or a blockchain network. The Dubai government has set a target to transform itself into a complete blockchain economy by the end of this decade. Their idea of blockchain economy, which means all the transactions will be completely digital, can be best realized using a cryptocurrency and hence the introduction of EmCash.
The EmCash has been developed so that it can serve all the functions of a digital payment system. It can be used for anything ranging from paying for a simple coffee to making money transfers. Not only is it a virtual payment platform, but it also supports NFC payments. The NFC stands for Near Field Communication. This feature allows you to make payments from your device to the person's device near you with a simple click. Therefore the real-time contactless payments have become the norm for EmCash users.
The authorities at the Dubai government are pulling out all the stops to ensure that as many places accept their EmCash platform as possible. Their urge to push towards a digital economy is because cryptocurrency is almost impossible to counterfeit. It is more secure and efficient than normal digital transactions.
Also, since it is generated by an algorithm localized only to the blockchain system it belongs to, there is no issuance or permission required from a government authority. So this means there cannot be any tampering of the currency by the central authorities. So being a state-sponsored cryptocurrency, EmCash is pushing the people of Dubai towards a new age of monetary operations, and this, in turn, will lead them into an ideal city for the future.