Dubai to launch its own digital currency, Emcash

08 Oct, 2018
by David Robb
Dubai to launch its own digital currency, Emcash

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."

Read more: Pundi X facilitates transactions for over 30,000 Ultra Taiwan 2018 participantsCash will ‘soon' be replaced by digital currency, says Dubai police chief

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