Dubai to Launch Blockchain Payments with State Digital Currency ‘emCash’
Dubai residents will soon have the means to make payments for school fees, bills and other retail purchases with emCash, a state-developed blockchain-based digital currency.
The UAE’s first official credit bureau – emCredit – under the Dubai Department of Economic Development is pushing its official blockchain-encrypted state digital currency emCash for wider adoption by rolling out point-of-sale (PoS) devices at government storefronts across Dubai.
PoS devices will also be deployed at retail storefronts, enabling both citizens and residents of Dubai to make purchases following a partnership with blockchain payments provider Pundi X , Trade Arabia reported on Monday. A spokesperson for the state-backed subsidiary emCredit stated:
"To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai…Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai."
As it was reported earlier, emCash was developed as Dubai’s first blockchain-based digital currency as a digital equivalent to the dirham, the UAE’s fiat currency.