Dubai State Cryptocurrency to Have Its Own Payment System

October 11, 2018

With new governmental partnership Dubai customers will be able to use state digital currency when paying for goods, services and utilities.

The deal between Emcredit, affiliated company of the Dubai Department of Economic Development, Pundi X payment cards provider and its partner Ebooc Fintech & Loyalty Labs LLC is to encourage payments in Emcash digital currency.

Emcash is pegged to the dirham, a unified currency of the United Arab Emirates.

“We […] 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 [g]overnment fees etc,” claimed Abdalla Al Shamsi, CEO of DFP and co-founder of Ebooc.

Dubai will keep on presenting itself as a state blockchain pioneer and now is going to become a totally blockchain-powered city by 2020.

Meanwhile, Pundi X came to its limelight back in June after hackers stole 2.6 billion of its NPXS tokens at South Korea’s Coinrail. In July Bancor claimed security breach which resulted in loss of another 300,000 of Pundi X tokens.

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