Dubai official state cryptocurrency: emCash

Dubai Economy launches partnership to develop and implement emCash, the first official state cryptocurrency 
03 October 2017   1675

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.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.