The UAE cryptocurrency was introduced with dirham support

• Published 2 Year Ago
• DHS Blog

An EM_ Cash, a cryptocurrency for the United Arab Emirates, was introduced with the support of Dirham. The UAE is the first country in the Middle East to launch a cryptocurrency, Em_Cash, as part of a plan to expand the use of blockchain technology. With this digital currency, citizens of Dubai and other cities in the UAE can make their payments easier, safer and faster. Dirham helps to control its various fluctuations.
Other digital currencies that are decentralized on the blockchain network, including bitcoin, have sharp price fluctuations. High fluctuations for digital currencies make investors feel less secure. But if a country's official currency is the backbone of the cryptocurrency, its price fluctuations are controlled. That Dubai citizens can use the EM-Cash for payment in all stores. Undoubtedly, cryptocurrency makes the growing economy of the UAE and be the beginning of a historic move.

The UAE 2021 Blockchain Strategy

The UAE 2021 Blockchain Strategy was launched in early 2018; The goal of this strategy is to make half of all government transactions through the Blockchain platform within three years. Certainly, the use of the Blockchain, in addition to security, will greatly reduce the government's current expenditures. Using the EM-Cash currency, will savings of 11 billion dirhams, 398 million printed documents, 1.6 billion kilometers of driving, and 77 million working hours per year. The use of this cryptocurrency in Dubai should be the first city to be fully equipped with blockchains. The UAE blockchain strategy pursues many goals. That is very useful for both the government and industry.
The creators of this cryptocurrency intend to increase government productivity. Every year we see a lot of transactions for the visa, payment of bills, and renewal of certificates, which costs a lot for the government.This method is also widely used in the industry.
Citizens and startups can create new businesses using this technology, such as real estate, transportation, urban planning, smart energy, fintech, banking, and health.



Advantages of using blockchain

The UAE is one of the best countries in the world in terms of tourism and investment. Using blockchains provides security and comfort for Dubai travelers. Passengers can use different facilities faster and better.
There is a clear legislative gap for digital currencies in the UAE. Of course, lawmakers are working to prepare a preliminary version of the law on digital currencies. The opinions of the UAE Central Bank in this regard are also largely ambiguous. Because digital payment laws, prohibit virtual currencies as a method of payment explicitly. Given the future's importance and widespread use of digital currencies, we are likely to see the legalization of digital currencies in all economic areas.

A program that will focus primarily on business services. These sweeping changes are due to the latest advances in artificial intelligence and cloud data tools.
The purpose of this work is to strengthen the economic partnership and easy access to business services. the UAE Government seeks to develop a secure cloud infrastructure for sustainable innovation.

UAE cryptocurrency
Today, the use of digital currencies has become popular in different countries. The convenience of working with digital currencies has led governments in various countries to use them for economic and trade exchanges, even at the macro level. Because each country has its economic policies, they prefer to have its digital currency. Today In different countries, central banks are trying to make faster, safer, and better economic exchanges by creating their digital currencies and being able to buy or sell them. This is especially important in a country like the United Arab Emirates, which is one of the leading countries in economics and trade.
Today, financial and economic transactions are still traditional. This creates a lot of costs for the government. But if we use new methods such as digital methods and currency cryptography, we will see a lot of time and money savings. Today, we see that many countries and large companies in the world use digital currencies. They have made it possible to buy and sell their products and services through digital currencies. Because this method is much faster, and they have very good security.


The many benefits of technology for the blockchains, and the cryptocurrency, include freedom of payment and international access, low operating costs, high speed in international transfers, and independence from government policies.



Also, considering the advantages of this technology, using it in the country the possibility of creating regional cryptocurrencies and facilitating bilateral and multilateral monetary agreements, facilitating the globalization of domestic businesses, and improving non-oil exports.

Cryptocurrency transactions

" cryptocurrency " is a digital currency that allows people to transfer value in a digital environment. Blockchain is a database with special features. The most important feature of the blockchain is that the data can no longer be edited or deleted after being added to it. In a blockchain, data is placed in structures called blocks. These blocks are added to the previous data structure after completion and approval by the blockchain network nodes. Each block contains information that connects it to the previous block. Thus, the blocks together form a chain called the blockchain. Cryptocurrencies or digital currencies have different models for executing transactions. Bitcoin, meanwhile, uses a model in which miners approve transactions.

cryptocurrency transactions are peer-to-peer and eliminate the need for intermediaries

We raised issues. The use of digital currencies in government and non-government financial transactions can make them faster. Therefore, the UAE can solve many economic exchange problems by creating a dedicated digital currency called UMC. In general, the use of digital currencies significantly reduces costs. Because with the use of digital currencies, there is no need to use traditional methods, and citizens and industry managers can make their exchanges faster.

If you are interested in the topics of digital currencies and how to invest them in the UAE, you can read various news and training in the blog section of this site.

We always try to provide the best and latest news and training in the field of digital currencies on this site