emCredit, the first credit bureau of the United Arab Emirates, is working on the introduction of emCash, the state cryptocurrency encrypted with blockchain technologies. The bureau aims to utilize PoS systems to increase adoption of the currency all over Dubai.
PoS systems will be installed at retail storefronts, allowing virtually everyone in Dubai to shop, thanks to a cooperation with Pundi X, a company facilitating transactions and settlements with help of blockchain technologies.
emCash was designed as the first Dubai’s cryptocurrency based on blockchain technologies and is intended to serve as a virtual equivalent to the national currency of the country, dirham.
Apart from access to the digital currency with help of the emPay mobile application, thanks to implementation of blockchain emCash supports shared ledgers for registering transactions immediately. In addition, supervision of transactions is not limited to a single person in the ecosystem of emPay.
The whole ecosystem includes the cryptocurrency, the mobile app and the PoS systems, all of which are subject to improvements and trials prior to their adoption with the government policymakers by the end of this fiscal year.