Dubai Implements Crypto Payments

Maja Mazur
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Pundi X, Ebooc Fintech & Loyalty Labs LLC and Dubai’s Credit Bureau have partnered to present the world’s first cryptocurrency payment system for daily purchases of Dubai citizens.

First in the world?

Dubai is commonly known as one of the fastest developing cities in the world, in many aspects. Recognised for its luxurious hotels, impressive skyline and booming economy, Dubai certainly stands out in the Middle East area. But as it turns out, soon there will be one more thing to add to the list of reasons why Dubai is so positively perceived. Thanks to hosting events like Dubai Blockchain Summit or Dubai Blockchain Expo, the city is already well-known in the crypto world. But now the appreciation for the blockchain technology has been taken to another level. According to an official announcement made by Pundi X, Dubai is soon going to be the world’s first city to offer cryptocurrency payments for everyone.

Strategic partnership

Pundi X (a global blockchain payment provider) has partnered with Ebooc Fintech & Loyalty Labs LLC (fintech enterprise with a blockchain-based platform) and Dubai’s Credit Bureau, emcredit (a subsidiary of the Dubai Department of Economic Development), in order to create a solution for cryptocurrency purchases. Soon, citizens and guests of Dubai will be able to make digital payments for retail purchases, fees and bills. Pundi X is entitled to provide the payment devices, which will be called Pundi XPOS. They will enable the stores to accept transactions in digital currency. XPOS supports payments from traditional and mobile wallets, using a simple QR code.

“Today’s announcement confirms Dubai’s status as a global blockchain innovation centre and the first global capital to afford citizens the option to make essential payments on a digital currency,” we read on Pundi X’s blog.

Emcash

The payments will be made via emcash  – Dubai’s digital currency launched by emcredit. It will be a digital equivalent of the UAE dirham (AED). Thanks to enabling the mobile payments, the new system has a potential to make cryptocurrency payments more available for an average consumer in his daily purchases. But the question remains – will people be able to get used to virtual money?

‘Being Switzerland’

Not only Dubai is so eager to develop cryptocurrency payments, though. Another place in the world that encourages its citizens to use more of digital money in their everyday life is Switzerland. Starting from January this year, one of Swiss cities, Chiasso, has made it possible for its residents to pay taxes in Bitcoin. It was one of the first law regulations that allowed people use a virtual currency in normal life. It was a strategic move for Chiasso – becoming a “crypto-polis” was supposed to promote the city and encourage other countries to invest in the crypto industry.

Another Swiss city, Zug, has recently presented a blockchain technology-based voting system. It was meant to enable citizens to vote on their mobile devices and was an experimental project. After the actual voting, people could also decide if they want to use blockchain systems in the future.

Cities of the future

Chiasso, Zug and Dubai are paving the way for other metropolises and countries in their journey towards becoming more crypto-friendly. They are the modern world herald of an imminent occurrence that soon is about to spread across the world. Let’s face it – cryptocurrency payments are perceived as more and more popular amongst ordinary people. With millions of people using credit cards, internet transactions and quick mobile apps, it’s only a matter of time when digital currency may become a more casual, substitutional form of payment. Initiatives like those taken in Dubai and Switzerland are, surely, making it easier for people to get used to it.

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