Investors who use the likes of Genesis Mining know how popular Cryptocurrency has become. Even countries like Dubai, which is one of the most developed in the world, have an interest in the digital currency market. In fact, Dubai is already planning to rollout a state approved digital currency soon.
According to a report published by Rick D on New BTC, the currency is known as Emcash, which is backed by emcredit.
The city of Dubai has plans to launch its own digital currency. Emcash will be rolled out in the coming years and is being made possible by a state-backed firm called emcredit. The company behind the digital currency is called emcredit. They are working with the full blessing of the Dubai Department of Economic Development. According to Verdict, a spokesperson for the entity stated:
Although this currency hasn’t be approved yet, it is expected that it will launch before the year 2018 ends.
A report posted on PR Newswire shows that all Dubai citizens will be able to use the digital currency to make payments.
Consumers in Dubai, UAE will be able to use digital currency to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shopfronts via emcash – Dubai’s digital currency launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development.
An emcredit spokesperson said: “We are committed to continuously improving the services we offer to our customers in accordance with the directive of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
Further, the report shows that Dubai will be the first state to afford its citizens to make payments via this means.
Consumers in Dubai, UAE will soon be able to pay for their bills, retail purchases, telecommunications, school fees, and other utilities using the state-backed emCash, according to local media. It’s issued by the Credit Bureau of Dubai which is a subsidiary of the Dubai Department of Economic Development.
In order to make all this happen, the city is entering into a partnership with payment provide Pundi X – a company which has developed a POS device for exclusive usage of emcash. The other company in the agreement is Ebooc Fintech & Loyalty Lab which is providing blockchain-based technology as well as loyalty solutions.
In other words, there won’t be any limit to what an individual can pay with the Ecash digital currency.
This emerging story comes only about two weeks after learning that Singapore is also making plans to make the country a digital currency state.