You’ll no doubt have noticed that cryptocurrencies are all the rage around the world. And in Dubai, things are no different.
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In fact, companies in Dubai have even dabbled in creating their own cryptocurrencies. And now, a new one is coming that might actually be pretty useful.
The currency is called jCash. It’s being developed by the Dubai-based Jibrel Network, and it’s being piloted by the Seed Group, a conglomerate chaired by none other than the Private Office of His Highness Sheikh Saeed bin Ahmed Al Maktoum.
The idea behind the cryptocurrency is to be able to easily store and transfer traditional financial assets on the Ethereum blockchain. This means that, if you own a lot of assets like bonds, stocks and cash, you’ll be able to use jCash to not only itemise your assets in digital tokens, but also more easily transfer them to other people or entities.
And the whole thing is set to be much more above-board than anything like, say, Bitcoin. jCash is supposed to operate within established financial regulations, and with the partnership with Seed Group, there’ll be a whole network of licensed financial institutions that are able to tokenise assets on the blockchain.
It’s hoped that, if it’s successful, people will be able to use jCash for everything from mortgage payments to contract signatures.
It isn’t really surprising that a cryptocurrency with some real-world usage should originate from Dubai. The emirate is working hard to become a global blockchain hub, meaning there’s plenty happening in the space here.
“Dubai’s Crown Prince Sheikh Hamdan’s vision of having Dubai the blockchain capital of the world by 2020 created a wave of public and private sector initiatives focused on blockchain adoption,” said Yazan Barghuthi, CEO and co-founder of the Jibrel Network.
“This will pay-off handsomely in the future as it will help Dubai cement its position as a leader in the evolution of Web 3.0 and distributed ledger technology.”