Soon, the residents of Dubai are going to have the means to make payments for school fees, bills, as well as other retail purchases with emCash, which is a state-developed blockchain-based digital currency.
emCredit pushing emCash for broader adoption
The first official credit bureau of UAE, known as emCredit, under the Dubai Department of Economic Development, is now pushing its official blockchain-encrypted state digital currency emCash for some wider adoption by rolling out point-of-sale or PoS devices at government storefronts all over Dubai.
The PoS devices are also going to be deployed at retail storefronts, enabling both citizens, as well as residents of Dubai to make purchases following a partnership with blockchain payments provider Pundi X, as Trade Arabia reported on Monday.
An exciting moment for Dubai
One representative for the state-backed subsidiary emCredit stated that being the first city in the world to offer blockchain-based payment solutions to their residents is an exciting moment for Dubai. Deploying cutting-edge technology like blockchain is a key priority, and it is delivering benefits to their residents in the kind of convenience and securities to customers, as well as merchants all over Dubai.
As it was reported in October last year, emCash was developed as the first blockchain-based digital currency in Dubai as a digital equivalent to the dirham, which is the fiat currency of UAE.
The emCredit chief executive, named Muna AI Qassab explained at that time that while the UAE residents utilize the digital currency via a smartphone application known as emPay, the blockchain enabling the digital currency is now compatible with shared ledgers in order to record transactions instantaneously while control overpayments is not restricted to any particular member in the emPay ecosystem.
The whole system will see development and testing before approval
The entire ecosystem which consists of the digital currency, the smartphone app, as well as the PoS terminals is going to see growth and testing before their approval by government regulators this financial year.
The development came at the time when the Smart Dubai office, which is a government initiative led by the Crown Prince of Dubai, approved a citywide blockchain payments platform which connects all the 38 government entities, partnering financial institutions, as well as some other municipal departments in the largest and most populous city of UAE.
In this particular use-case, the blockchain deployed that it is compatible with both public, as well as permission blockchains utilizing open-source Hyperledger and public Ethereum tech.