Dubai Launches Cryptocurrency Project To Improve Financial Transactions In Its Public Sector

The Dubai’s official government’s Credit Bureau and regional distributive partners, EMCredit partners Ebooc and loyalty labs, to bring fruition to the world first public sector blockchain payment in Dubai.

The World First Public Sector Blockchain Payments

The introduction of the first public sector blockchain payments in Dubai is a historic moment for the adoption of the blockchain technology.
The historic project which is pioneered by EMCredit, the official government’s Credit Bureau and a subsidiary of the government of Dubai to use the XPOS for hundreds of its storefronts across the city to enable consumers to pay bills, school fees and utilities with the use of digital currencies.
Notably, the cryptocurrency available for making transactions is the EMCash, the Dubai digital currency launched by EMCredit, a state-backed subsidiary of the Dubai department of economic development.
Instrumental to the public blockchain payment is the specially designed Pundi X POS device for Ebooc Fintech and Loyalty lab for the exclusive use of EMCredit with their branding. This is dedicated to running a stable digital equivalent of UAE’s Dirham (AED).
Meanwhile, the latest development in Dubai indicates the status of Dubai as a global blockchain innovation center as the country has been involved in quite some blockchain adoption projects before now. Also, it makes it the first global capital to afford citizens the option to make essential payment using digital currency.
A spokesperson of EMCredit noted that the firm is committed to the continuous improvement of services it offers to its customers by the directive of his highness, Sheik Mohammed Bin Rashid Al Maktoum, the vice president of UAE and the prime minister and ruler of Dubai. The spoke person also stated that it would be the first city to offer a blockchain based payment solution to residents makes it exciting for Dubai and confirm its status as a world tech hub. This would bring convenience and security to customers and merchants across Dubai.
Also, the CEO and founder of Ebooc, Abdallah Al Shamsi stated that the firm is delighted to be a part of the historic partnership when Dubai launched its first digital currency EMCash. Also, the firm looks forward to consumers in Dubai being able to make real-time payment with the Dubai’s digital currency for all their transactions, while the firm also aims at extending its reach as a sole POS partner of Pundi X.
Further details of the project will be made known when the project is tested and approved by the government regulators later this year.

About EMCredit, Ebooc Fintech, and Loyalty Labs LLC

EMCredit is the first Dubai Credit Bureau, a 100% subsidiary of the Dubai department of economic development and works with the UAE bank for an efficient financial system.
Ebooc Fintech is the premier Emirati Fintech and loyalty company in Dubai that aims to use emerging technologies for the good of consumers.

Related posts
cryptocurrencyDOGEdogecoinDOGEUSDElon MuskNews

Be Careful! Elon Musk Warns As Dogecoin Soars On SNL Eve

In the warm-up to a special Saturday Night Live Edition featuring the self-acclaimed billionaire dogefather, Elon Musk, Dogecoin (DOGE) has recorded tremendous speculative success and is currently sprinting past the $0.6 mark in a bid to cross the $1 epic…
cryptocurrencyNewsRippleSECXRP NewsXRPUSDXRPUSDT

A Look At What’s In Store For XRP If Ripple Eventually Goes Public After SEC Case

Fired up by the soaring success of Coinbase, Ripple Labs Inc, the establishment behind the fifth most valuable cryptocurrency – XRP, has disclosed plans to issue an Initial Public Offering after it is done with its court case. The embattled altcoin…
BanksBinancebnbusdcryptocurrencyCryptocurrency NewsNews

Banks Refusing To Work With Crypto Will Pay A Hefty Price: Binance CEO CZ

The CEO of Binance has been very vocal about his stances on the cryptocurrency market. Yesterday, the CEO revealed he may have underestimated cryptocurrencies like DOGE, ETH, BTC, and BNB. He even emphasized DOGE’s impressive performance, despite holding zero Dogecoin….