[Translate to English] Dubai government to launch its first national official cryptocurrency

This is a topic from a little while ago, but because I wanted to read and understand it properly in Japanese, I translated it into English.

Dubai Government to Launch Its First State-Supported Official Cryptocurrency

According to a statement released by the Dubai Media Office WAM, the Dubai government recently announced that it will launch the first government-supported cryptocurrency. The digital token called emCash, which is supported by Dubai, is planned to be usable for payments for both government and private services.

This marks the first ever government-supported cryptocurrency launch in history, and the Dubai government will be one step ahead of forward-looking countries such as Russia and Estonia. emCash was developed jointly by two entities: emCredit, a subsidiary of Dubai Economy, and Object Tech Group Ltd, a blockchain development company based in the United Kingdom.

emCash to Function as Legal Tender

Ali Ibrahim, Deputy Secretary-General of Dubai Economy, stated that emCash will be treated as legal tender that can be used for a wide range of government and private services—from buying coffee and paying for children's schooling to utilities and remittances.

The emCash token will be used in conjunction with the emPay wallet. The emPay wallet is a product launched by Emcredit that leverages near-field communication (NFC) chips found in most modern smartphones to promote contactless payments.

Muna Al Qassab, CEO of Emcredit Limited, stated that the integration of NFC technology is being undertaken to build the proper ecosystem for deploying emToken.