Dubai Government-Backed Digital Currency Will Get Its Own Payment System

Consumers in Dubai will soon be able to use digital currency to pay for goods, services, and utilities following a new government partnership, a press release confirms Tuesday, Oct. 9.

The deal between emcredit, a subsidiary of the Dubai Department of Economic Development, blockchain payment provider Pundi X, and its partner Ebooc Fintech & Loyalty Labs LLC will facilitate point of sale (PoS) payments in emcredit’s emcash currency.

Emcash is pegged to the United Arab Emirates (UAE)’s fiat currency, the dirham.

Dubai continues to position itself as a blockchain innovator at state level, with multiple schemes ongoing as part of its goal of becoming a fully blockchain-powered city by 2020.