One of the largest Emirates of the UAE Dubai plans to the end of this year to issue its own cryptocurrency. Stablon Emcash developed with the direct participation of local authorities, according to ChepiCap.
In the implementation of the project involved state-owned financial Emcredit. Oversees the development and launching of the token, the Department of economic development of Dubai. Cryptocurrency has actually been set up, now experts Emcredit test platform for dealing with new digital asset. In parallel, the project awaits approval from regulators and the authorities of the metropolis.
If all procedures will be completed on time, before the end of 2018, Dubai residents will be able to use Emcash when paying for goods and services, including various fees and utilities.
The project also involved the blockchain startup Pundi X, which must be installed in public areas of the terminals. Through them, citizens will be able to perform operations on EMSA. It is expected that within the next few years will establish a startup in shopping malls and other public places to 100 000 terminals.
In the press center of the state-owned Emcredit, said:
The launch of cryptocurrency confirms the status of Dubai as an international technology hub. The introduction of advanced technologies such as the blockchain, is a key priority and will provide our citizens the benefits of a convenient form of payment for goods and services.
Dubai is one of the largest cities, which have a particular interest in the blockchain industry. The digital market is interested in and the leadership of the United Arab Emirates that wishes to allow local companies to attract financing using ICO.