Dubai official state cryptocurrency: emCash

Dubai Economy launches partnership to develop and implement emCash, the first official state cryptocurrency 
03 October 2017   2026

Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Grp Ltd teams up under the Dubai Economy Accelerators umbrella to develop and implement emCash, the first official state digital currency, that people will be able to use to pay for various government and non-government services.

As the announcement claim, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. Thus, "emPay allows UAE residents to make varied payments, from their daily coffee to money transfers, through the near field communication option in their phones". 

Object Tech has now signed a memorandum of understanding with Dubai Economy under which it will work with Emcredit in order to to develop and implement emCash. Ali Ibrahim, Deputy Director General of Dubai Economy, argues that emCash would give a financial identity to contactless transactions, reinforce Dubai as a competitive business destination, enhance customer happiness and accelerate Dubai's evolution into a smart economy.

A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.
 

Ali Ibrahim
Deputy Director General of Dubai Economy

Muna Al Qassab, CEO of Emcredit Limited, explains that customers will be able to choose between two payment options on the emPay platform – the existing dirham payment or emCash. "While the dirham payment goes through normal settlement procedures, intermediaries and costs, emCash payments are settled directly between the user and merchant. emCash thus gives real time value movement and merchants can pass the cost benefit to the emCash holder. It also reduces fraud as well as inflation since currency is issued in real time based on actual demand", - the man details.

It is also said, that a number of associated products to protect emCash wallet and digital documents, enable direct real-time settlement and peer-to-peer lending, and provide credit rating based on the distributor ledger of emCash will be developed.

Vinnik Extradtion to France to be Supported by SCoG

Alexander is holding the hunger strike for 24 days and lost around 9 kilos
19 December 2018   22

Following the trial court of the city of Thessaloniki, the Greek Areopagus decided to extradite Alexander Vinnik, suspected of laundering $ 4 billion through the BTC-e cryptocurrency exchange, to France. Thus, the appeal of Russian lawyers was rejected, reports TASS referring to the chairman of the court Angelique Aliferopoul.

After the announcement of the verdict, Alexander Vinnik declared that he would continue the hunger strike against the arbitrary rule of the Greek authorities, which began in mid-November.

I have been starving for 24 days. Yesterday I was weighed; according to the documents, I lost 8 kg. But they did not immediately begin to weigh me, only on the third day. So I lost 9 kg. If I'll be extradited to Moscow, I will stop starving.
 

Alexander Vinnik

Suspected

Alexander Vinnik was detained in Greece at the request of the American authorities on July 25, 2017. In June 2018, Vinnik was arrested in absentia in Russia on charges of cyber fraud on a large scale.

At the moment, there have been several court decisions on the extradition of Vinnik - at the request of the United States, at the request of France and two decisions at the request of Russia. The final decision on the case will take the Minister of Justice of Greece.