Dubai ties up with Pundi X to broaden use of AED stablecoin into retail
In the wake of launching a state e-currency called emCash, Dubai has partnered with Pundi X, Ebooc Fintech & Loyalty Labs LLC to broaden the adoption of cryptocurrencies. The partnership will enable citizens to make payments for government utilities, telecommunication, and school fees in government shopfronts via emCash. emCash is the state-backed stablecoin launched by the city’s Department of Economic Development in collaboration with Emcredit Ltd and U.K.-based Object Tech Group Ltd.
Pundi X, a blockchain platform which strives to build real-life use cases for digital assets, has built a Pundi X POS (point of sale) device for the exclusive use of processing payments via emCash. Emcredit will distribute the X POS devices across the Emirates for wider access and adoption of emCash – the digital equivalent of the UAE dirham [AED].
“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 a historic moment for the real-world application of a technology that has promised so much potential until now,” Zac Cheah, CEO and co-founder of Pundi X, said in a statement.
Pundi X intends to expand its market for X POS and plans to distribute more than 100,000 devices in a global market in three years’ time. This partnership brings the XPOS technology to the public for the first time and it marks the company’s first deployment in the Middle East region.
Countries are increasingly embracing the cryptocurrency industry with many launching their own digital currencies. These countries are trying to become one among the early adopters of blockchain technology and also strive to create a new economic system which enables faster, cheaper and secure payments system for its citizens.
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