Dubai is debuting with a digital currency called DubaiCoin with an international starting price of $ 0.17 per coin, according to a press release. Consumers will be able to use DubaiCoin to pay for goods and services, both online and in person, says a press release issued by the city government. The intent is that the currency is used instead of the normal paper money. The circulation of DubaiCoin will be controlled by the city itself and by licensed brokers. According to the release, Dubai “plans to go further in its drive to play an increasingly important role in the future of global finance and trade, and its plans for the coming years are firmly focused on DubaiCoin and the goal of becoming the world’s first blockchain-based government “.
“A digital currency has several advantages: faster processing, improved turnaround times, less complexity and cost, to name a few,” Dubai Economy Deputy CEO Ali Ibrahim said in a press release. “It will change the way people live and do business in Dubai and will mark a giant leap for the city in leveraging groundbreaking innovations to improve the ease of business and the quality of life.” Officials say the cryptocurrency uses the latest blockchain technology and works as part of the payment system called emWallet. As the city’s credit agency, Emcredit has ensured that emWallet handles various types of transactions – from “children’s daily coffee and school fees to utility and money transfer charges” – with near-communication support. field (NFC) via a smartphone. The city will also have a shared platform, called Blockchain as a Service, to help Dubai government agencies use blockchain in various projects. Arabian Chain Technology. , the government company that launched this coin, says it intends to use it for payments throughout Dubai.
The city government has an ambition to push cryptocurrency further as the future of finance and commerce across the UAE. Dubai is already nicknamed “the city of gold”, Dubai could also be in the future therefore “the city of digital gold”. Arabian Chain Technologies and their DubaiCoin coin aren’t the only projects based in this country. In an interview with the AIBC summit of Saeed Al Darmaki, founder of Sheesha Finance and part of the Abu Dhabi investment authority, he talked about multiple projects in the UAE. The Abu Dhabi Investment Authority is a regulated fund to invest the wealth that Abu Dhabi creates through the sale of oil. Saeed said they were “investing for future generations” and is excited about the future of Bitcoin and believes it can change the financial system in the UAE and around the world for the better.
DubaiCoin will not be the first cryptocurrency to be used by a country. Venezuela Petro’s national currency was created in an attempt to eliminate national debt. This project has essentially failed, as the currency has not made an impact internationally, nor has it solved some of the fundamental economic issues within Venezuela. DubaiCoin may be different from any predecessor. The United Arab Emirates, in fact, have a great economic strength already attracting many investors especially in the real estate sector, but also in the financial sector, thanks to its growing economy and all its natural resources.
In the last two years, the interest of many cryptoinvestors towards the city, considered as futuristic, has also grown a lot. Recently, to give an example, an entire building of new construction in the city was sold through the tokenization of the asset, with the blockchain, parceling the property into portions then sold through special tokens of different values. Adopting a cryptocurrency in such a place will impact the financial market globally. on the other hand, the city’s development plan between now and 2030 includes innovative and sustainable projects that can make Dubai, the most sustainable and technological city in the world, with the forecast of doubling its inhabitants in just under ten years.