Blockchain Payments Can Now be Made with Dubai’s New Digital Currency emCash
Dubai has been working on a state-developed blockchain-based digital currency, and now those living in the city-state will soon be able to make payments for school fees, bills, and various retail purchases with the new emCash.
emCredit is the city-states first official credit bureau under the Dubai Department of Economic Development. They are now touting their official blockchain-encrypted state digital currency called emCash to be used widely by introducing point-of-sale (PoS) devices at government storefronts across Dubai.
Seeing as Asgardia is working on having their own cryptocurrency called SOLAR, these real world use-cases could be beneficial to the development of SOLAR.
What’s more, according to Trade Arabia, following a partnership with blockchain payments provider Pundi X, PoS devices will also be launching at retail storefronts, allowing both citizens and residents of Dubai to purchase goods using the cryptocurrency.
A spokesperson for the state-backed subsidiary emCredit explained that Dubai is excited to be the world’s first city to offer blockchain-based payment solutions to their residents. They have made the introduction of innovative technology like the blockchain a key priority and they are focusing on providing benefits to their citizens in the form of convenience and securities for customers and merchants across the city-state.
Back in October 2017, CCN reported that emCash was developed as Dubai’s first blockchain-based digital currency as a digital equivalent to the dirham, the UAE’s fiat currency.
UAE residents can use the digital currency through a smartphone app called ‘emPay.’ The blockchain, which backs the digital currency is compatible with shared ledgers to record transactions immediately. Furthermore, as emCredit chief executive Muna Al Qassab explained at the time, control overpayments is not limited to any single member in the emPay ecosystem.
The ecosystem is made up of the digital currency, the smartphone application, and the PoS terminals. During this financial year, the ecosystem will see development and testing to be fully approved by government regulators.
Moreover, the Smart Dubai office, a government project led by the Crown Prince of Dubai, has approved a citywide blockchain payments platform linking all 38 government entities, partnering financial institutions, and other municipal departments in the UAE’s largest and most populated city.
For this particular use-case, the blockchain being used is compatible with both public and permissioned blockchains using open-source Hyperledger and public Ethereum tech.
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When preparing news, materials from the following publications were used:Imprint
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