Blockchain Payments with State Digital Currency In Dubai
Dubai residents will soon have the means to create payments for school
fees, bills and different retail purchases with emCash, a
state-developed blockchain-based digital currency.
The UAE’s 1st 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 also will be deployed at retail storefronts, enabling each
citizens and residents of Dubai to create 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 1st city to offer blockchain-based payment solutions
to our residents is an exciting moment for Dubai…Deploying cutting-edge
technology like blockchain is a key priority and is delivering benefits
to our citizens in the sort of convenience and securities to customers
and merchants across Dubai.
As reported by CCN in October 2017, emCash was developed as Dubai’s 1st
blockchain-based digital currency as a digital equivalent to the dirham,
the UAE’s fiat currency.
While UAE residents use the digital currency via a smartphone app
‘emPay’, the blockchain enabling the digital currency is compatible with
shared ledgers to record transactions instantaneously while ‘control
over payments isn't limited to any single member in the emPay
ecosystem,” emCredit chief executive Muna Al Qassab explained at the
time.
The entire ecosystem consisting of the digital currency, the smartphone
application and the PoS terminals will see development and testing
before their approval by government regulators this financial year.
The development comes at a time once the smart Dubai office, a
government initiative led by the crown prince of Dubai, has approved a
citywide blockchain payments platform connecting all 38 government
entities, partnering financial institutions and different municipal
departments in the UAE’s largest and most populous city. In this
specific use-case, the blockchain deployed is compatible with both
public and permissioned blockchains using open-source Hyperledger and
public Ethereum tech.
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