The city of Dubai is due to launch its own digital currency. Emcash will be a stablecoin, backed by the United Arab Emirates' own currency, the dirham.
Dubai's new stablecoin will be rolled out by Emcredit, a state-backed financial firm. The company is working with blockchain firm Pundi X, which will be developing a point-of-sale system that works with Emcash, known as the Pundi X POS. Around 100,000 units are expected to be issued over the next few years.
According to Verdict, a spokesperson for Emcredit said "To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai."