Government Backed Cryptocurrency

Government Backed Cryptocurrency

Dubai has launched the world’s first government backed cryptocurrency. Soon, consumers in Dubai will be able to use the government backed cryptocurrency to make retail payments in stores, to pay for government utilities and even school fees. The government backed cryptocurrency has been launched by emcredit, which is a subsidiary of the Dubai Department of Economic Development.

The World’s First Government Backed Cryptocurrency

This announcement furthers Dubai’s status as one of the world’s Blockchain innovation centres. It also makes Dubai the first global capital to allow citizens the option to make essential payments using a cryptocurrency.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, explained that they are committed to improving the services that are available to customers in Dubai.

He said: “To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub. 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“.

Pundi X, a Blockchain payment provider, are heavily involved in the cryptocurrency. Zac Cheah, CEO and co-founder of Pundi X, explained that they have been able to bring cryptocurrency to governments thanks to major developments in technology.

He said: “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 an historic moment for the real-world application of a technology that has promised so much potential until now.”

Pundi X is already rolling out its cryptocurrency payment devices to the global retail market. This includes to retail partners in Africa, Korea, Singapore and Brazil.