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Dubai creating stable Emcredit cryptocurrency for payments across the city

Dubai creating stable Emcredit cryptocurrency for payments across the city

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Soon Dubai citizens and residents will be able to make digital currency payments for school fees, utility bills and retail purchases. Emcredit, a state-backed subsidiary of the Department of Economic Development, will release the stable digital currency emcash, a digital equivalent of the UAE dirham (AED). Emcredit is the primary supplier of credit information in Dubai.

Indonesian company PundiX will produce the point of sale devices, and Dubai fintech ebooc will manage the digital wallet.

ebooc was co-founded by Abdulla Al Shamsi who is also Assistant Undersecretary, Industrial Development Sector at Ministry of Economy, UAE.

In the statement, an emcredit spokesperson 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”.

Abdulla Al Shamsi, CEO DFP and Co-Founder ebooc said: “We are delighted to be a part of this historic partnership when Dubai launches the world’s 1st first digital currency – emcash. We also envisage consumers in Dubai being able to make real-time payments using Dubai’s digital currency for all their payment needs for shopping, paying for Government fees etc. ebooc is also looking at extending its reach as an exclusive POS partner of Pundi X”.

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