Dubai Authorities To Install 100,000 POS For National Token emCash
The administration of Dubai is developing a blockchain-based urban ecosystem that will allow paying for any goods and services via the governmental token emCash. The authorities intend to install the cryptocurrency point-of-sale devices (POS) in all public storefronts across the city, Trade Arabia reports.
Dubai citizens will be able to pay with the national emCash tokens for school, utility bills, and purchases. Terminals for crypto payments will also appear in local retail stores. The city administration is about to set up over 100,000 POS in the next three years.
The device was developed at the initiative of the Dubai's credit bureau emCredit, with the technical assistance from the crypto company Pundi X. In 2017, the bureau issued the emCash tokens as the digital analog to dirham, the UAE national currency.
Zac Cheah, the head of Pundi X, called the implementation of blockchain payments into the public sector a significant technological achievement and a historic event.
Until now, local residents could only use the cryptocurrency within a mobile app emPay. The new blockchain solution is compatible with a shared ledger, that will instantly record the transactions. According to Muna Al Qassab, CEO of emCredit, the system will provide an unlimited number of payments for each user of the ecosystem.
The specialists of the company also believe that adoption of blockchain payments proves the status of Dubai as the technological capital of the world. Among the advantages of such a system, the emCredit representatives name convenience and security.
The authorities will reportedly start testing new city infrastructure in the current financial year.
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