Dubai government set to launch digital currency
The government of Dubai is set to launch emCash, its own digital currency, as part of an ambitious plan to have blockchain to underpin the Emirate's financial system. In a statement, Ali Ibrahim, deputy Director General of Dubai Economy, said emCash would be used through a new wallet called emPay, which would offer fiat payments as well as real-time digital transactions. Other blockchain-based services, including real-time settlement and peer-to-peer lending, would also be developed, according to the government's statement.
Dubai’s government is to launch a cryptocurrency following a partnership between Emcredit, a subsidiary of Dubai’s Department for the Economy (also known as Dubai Economy) and a UK based blockchain start-up called Object Tech Grp.

The new “encrypted digital currency,” called emCash, will be based on the latest blockchain technology, Dubai’s economy department says in a statement, and will be usable through emPay, a wallet launched by Emcredit to support contactless payments.