Dubai govt backs emcash, a digital currency for daily purchases

Tuesday 9 October 2018 10:05 CET | News

The Dubai government has backed the creation of emcash, which will be used to make various payments including traditional in-store purchases, utility bills, and even school fees.

The emcash aims to avoid the volatility associated with many other cryptocurrencies, as it is pegged to the value of the local currency (UAE dirham). The company behind the digital currency is called emcredit. To help facilitate a gradual transition to using emcash, a point of sale device has been created by blockchain company Pundi X. The device itself is titled Pundi X POS.

The company is hoping to issue more than 100,000 units over the coming years. For now, emcash is still being tested and waiting for full approval from local government and regulators. It is hoped that it will be ready to roll out later in 2018.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: emcash, cryptocurrency, digital coin, Dubau, blockchain, Emcredit
Countries: World

Industry Events