Dubai Will Launch A Blockchain Payments With Government Digital Currency “emCash”

Dubai residents will soon have the means to pay school fees, bills, and other retail purchases using emCash, a digital currency based on the blockchain and developed by the state.

The first official UAE credit Bureau-emCredit-under the Dubai Department of economic development is promoting its official state digital currency emCash with blockchain encryption for wider adoption by deploying point of sale (PoS) devices on government showcases across Dubai.

PoS devices will also be deployed in retail storefronts, allowing both citizens and residents of Dubai to make purchases after partnering with blockchain payment provider Pundi X, mentioned Trade Arabia.

As reported in October 2017, emCash was developed as the first digital currency based on the blockchain in Dubai as the digital equivalent of dirham, the UAE’s Fiat currency. UAE residents will be able to use the digital currency through a smartphone using the application “emPay.

The entire ecosystem, consisting of digital currency, smartphone apps and PoS terminals, will see development and testing before they are approved by government regulators this fiscal year.

The development comes at a time when the Smart Dubai office, a government initiative led by the crown Prince of Dubai, approved a city-wide blockchain payments platform connecting all 38 government agencies, partner financial institutions and other municipal departments in the UAE’s largest and most populous city. In this particular case, the blockchain is compatible with both public and authorized blockchains using open source Hyperledger and Ethereum public technology.