Dubai is moving to become a fintech hub in the Middle East (and beyond). Dubai embraces blockchain technology for various financial transactions. Blockchain is increasingly recognized for its potential in the world of business and finance. It offers more than just cryptocurrency investments.
Indeed, Dubai is allowing for real estate sales entirely in Bitcoin. Plus, the local government of Dubai embraces blockchain in a more tangible way. Dubai is issuing its own cryptocurrency. Meanwhile, in the United States, discussions around blockchain, cryptocurrencies, and regulation continue to drive conversations at the highest levels.
Dubai Issues Its Own Cryptocurrency
Recently, Dubai announced that it will issue its own cryptocurrency, called emCash. This currency uses blockchain technology. People can use the cryptocurrency to pay for government and non-government services. The cryptocurrency results from development agreement between a subsidiary of Dubai Economy and a company based in the U.K.
This is just the latest move as Dubai embraces blockchain. Earlier this year, apartments in a development in Dubai started selling for Bitcoin.
Real estate is one of the industries that stand to change the most thanks to blockchain technology. After all, smart contracts can manage title deeds and other parts of a real estate property transaction. Blockchain technology potentially cuts down on real estate fraud. It could also shorten the time for buying property.
The idea of a state-issued cryptocurrency hasn’t really come to the front, though. In many cases, enthusiasts view cryptocurrencies as independent of government. Even a smaller local government like Dubai taking this step is significant.
Could other governments follow suit? For now, most governments seem more interested in regulating cryptocurrencies and blockchain applications.
U.S. Prepares for Forum on Blockchain
While Dubai embraces blockchain, the U.S. tries to figure out its next move. On October 10, the U.S. is set to hold a blockchain forum. This is the second such forum held this year.
