Dubai to Launch Government-Approved Cryptocurrency
October 9, 2018 1:11 pm
People living in Dubai will soon be able to make payments of goods and services using cryptocurrency. The country’s new digital currency will be used to make payments for various services and products. Emcash can be used to pay for traditional in-store purchases, utility bills, and even school fees.
The Dubai Government has planned to launch their own cryptocurrency. The government-based digital currency is named as “Emcash.” Reports say that the government will be collaborating with a country-based firm called Emcredit. The entity aims to launch Emcash in the coming years.
They said that the city of Dubai is excited to offer blockchain-based payment solutions to its citizens. The new initiative confirms Dubai as an international tech hub by deploying blockchain technology. This would benefit citizens in the form of convenience and securities to customers and merchants across Dubai.
In order to process the gradual transition using Emcash, another device has been created by blockchain firm Pundi X. The device is itself named as Pundi X POS. The company plans to issue more than 100,000 units over the coming years. Emcash is still under testing, awaiting for the approval from local government and regulators.
Emcash is expected to avoid the volatility associated with many other cryptocurrencies. Dubai’s cryptocurrency will stick to the value of the local currency (UAE Dirham).