Emcash Initiative to make Cryptocurrency Mainstream in Dubai
The Arabian wonder, Dubai has been a strong supporter of cryptocurrency with several projects being built. One project that looks to make it a hub for cryptocurrency related activites is Emcash. Emcash is an initiative by Emcredit which is a state-backed subsidiary of the Dubai Department of Economic Development.
Emcredit will partner up with Blockchain payment provider, Pundi X along with Ebooc Fintech & Loyalty Labs LLC to ensure Emcash will develop efficiently.
Emcash will enter the mainstream economy of Dubai with the help of Point of Sale (PoS) devices thanks to Pundi X. These PoS devices which will be installed throughout Dubai. According to Pundi X, 100,000 PoS devices will be placed around the world in the next three years.
CEO of Pundi X, Zac Cheah spoke about Dubai’s encouragement of cryptocurrency being used. He said-
“Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today an historic moment for the real-world application of a technology that has promised so much potential until now.“
The ecosystem of Emcash will have a smartphone app called ‘emPay’ along with PoS terminals to ensure that individuals can start paying in digital currencies in no time. Further development and testing are still being carried out before a final approval by government regulators by this financial year. Emcash is noted to be the digital equivalent of United Arab Emirate’s fiat currency the Dirham.
Pundi X is making headway by providing a crypto-based payment solution through its XPOS devices. It has already tied up with plenty of retail partners in Asian countries like South Korea, Singapore and Indonesia along with countries in Africa. Pundi X had raised $35 million via a public token sale at the beginning of 2018.