EmCredit, the company behind the digital currency emCash, has gained the approval of the Dubai Department of Economic Development to release the first blockchain-based payment solutions to the residents of Dubai.
Mohammed Bin Rashid, the Ruler of Dubai, UAE Vice President and Prime Minister issued the decree appointing EmCredit as its first official Credit Information Body.
EmCash is a secure digital currency which will allow payments through the use of digital wallets known as EmPay. Also developed by EmCredit, it will serve as the middleman to ensure easy transactions from the buyer to the seller.
Citizens of the United Arab Emirates will then be able to conduct transactions via their smartphones fast and safe, and therefore payments for school fee’s or even money transfers will be possible as it is planned to use this currency nationwide alongside the UAE dirham.
Investors in this digital currency are expecting emcash to be able to avoid the fate of the other, less regulated cryptocash as emcash will have the same value as the UAE dirham. With this, stability is hopefully ensured.
The CEO and co-founder of Pundi X Zac Cheah believe the implementation of emcash for public use is a major development for blockchain technology, and with its ease of access, it is expected to be ready at the of 2018.