Dubai's New EmCash Digital Currency Will Bring Blockchain to the Entire CityOct 9, 2018, 12:00PM
Dubai's progressive use of blockchain technology is placing the city-state at the top of the list when it comes to innovation
Individuals in Dubai may soon be able to pay for consumer goods, services, utility bills and tuition fees with the country’s new blockchain-based digital currency, “Emcash”. The currency is backed by “EmCredit”, a subsidiary of the Dubai Department of Economic Development, and will give residents of Dubai the opportunity to use the world’s first ever city-wide digital currency network.
The payment network will be underpinned by blockchain-technology firm Pundi X, through a partnership with Dubai-based fintech company Ebooc Fintech & Loyalty Labs LLC. Together, they will provide custom-built Point-of-Sale (POS) devices to Dubai merchants, which will run a digital version of the Dirham (AED), the country’s official fiat currency. An unnamed EmCredit spokesperson details what the new digital payment network means for Dubai,
To be the world's first city to offer blockchain-based payment solutions to our residents [...] confirms Dubai's status as an international tech hub. 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.
The Emcash service will be made available to merchants and consumers after an official government approval slated before the end of this financial year. According to a recent press release, Pundi X expects ~100,000 devices to be launched in the next three years.
Dubai hosts one of the globe's most progressive governments when it comes to blockchain technology. As reported by Forbes, the city’s government aims to become the first blockchain-powered government by 2020, and EmCash is just a small part of this ambition. Last month, the city upgraded their Dubaipay financial network to include the use of a blockchain based ledger, removing long-standing redundancies from their existing processes.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.