Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook Follow The Paypers on Google +
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Dubai govt backs emcash, a digital currency for daily purchases

Tuesday 9 October 2018 | 10:05 AM CET

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.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement