Cryptocurrency is a phenomenon for a decade all over the world. Cryptocurrency uses blockchain technology with an aim to provide digital money in a secured way anonymously. Started with bitcoin, the best place to exchange your money with the digital currency, Currently, there are more than 900 cryptocurrencies available on the market. There are around 3 million active virtual currency users till date and this number is increasing rapidly. Now taking this popularity into the consideration Dubai government has started its own virtual currency wallet- EmCash.
Related: Digital currency in Dubai
EmCash
After the successful venture of emWallets, Dubai government is using blockchain technology i.e emCash for digital currency transaction by maintaining anonymity. It provides peer to peer transaction facility without revealing the identity of the persons involved in the transaction. And definitely easy to transfer money without any delay. The best part of emCash is that it can be used for regular transactions like utility bills payments, school fees, and much more.
Even though emCash is successfully launched, the intention behind this is to build an economy on the blockchain technology. And this is definitely not easy as it involves the approval of individuals and authorities. Everyone is aware of bitcoin and how effectively it is running and even after having 900+ cryptocurrencies in the business, Bitcoin is still on top of the game all the time.
Also read: Mobile wallets in UAE: The future or fad?
How does emCash work
emCash comes with emPay. It is a mobile wallet which can be used to make usual transactions like movies, bill payments, dining, school fees, groceries, leisure, etc. If you want to make some nameless transactions without revealing the identity to anyone. So one can choose before making a transaction either emPay or emCash. The transactions will be completed within a short time in a secured way.
Emcash impacts on Bitcoin
emCash is a product of the Dubai government so this would attract most of them, as this is the first time a government has taken up such initiation. So transactions in Dubai could be done using emCash rather than bitcoins. This can have a greater impact on the bitcoin.We have to wait and watch, what affects emCash will have on bitcoin and what benefits we can get in emCash other than the anonymous transactions and regular payments.
Definitely emPay, emCash are the next generation cash. Mobile Wallets are taking over the attraction everywhere. More than 40% of people are preferring mobile wallets over physical cash. From the era of using plastic cards for transactions, there would be a greater shift to the digital cash.
About the author
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.
