The official credit bureau of the Economic Department announced Dubai is the first city to accept payments through the blockchain for the public sector.
In partnership with Pundi X, a cryptocurrency offering POS devices and digital payments, and their regional distribution partners, ebooc, the city of Dubai will accept payments in the public sector marking a historic moment for the adoption of blockchain technology.
The citizens of Dubai will be able to pay for bills, school fees, taxes and various services using the digital cryptocurrency EmCash. EmCash was created by EmCredit, a subsidiary of Dubai’s Department of Economic Development and is a stablecoin, a digital equivalent to Dirham, the official currency of the United Arab Emirates.
Today’s announcement confirms Dubai’s status as an innovation centre of the Blockchain and the contemporary digital technology in general.
An ΕmCredit spokesperson said:
“We are committed to continuously improving the services we offer to our customers in accordance with the directive of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai”.
This announcement signals a global adoption of the blockchain technology and the broad use of cryptocurrencies in an increasing number of large urban centers of the planet. Further details of the partnership will be announced following the development, testing and approval of the technology by government regulators later this financial year.