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Cryptocurrency adoption takes the high road with Dubai expanding its digital currency payments in all sectors

Febin Jose

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Cryptocurrency adoption takes the high road with Dubai expanding its digital currency payments in all sectors
Source: Unsplash

Emcredit, Dubai’s official government credit bureau, has partnered with Pundi X, a blockchain payment provider, and Ebooc Fintech & Loyalty Labs LLC, to facilitate digital currency payments in the city.

Residents and citizens of Dubai will soon be able to pay their bills, school fees, and make retail purchases using digital payments with a stable digital currency, emcash.

Zac's tweet about the announcement | Source: Twitter

Zac’s tweet about the announcement | Source: Twitter

Once the digital payments are live, the city will become the first global capital to offer citizens an option to make digital currency payments.

Emcash, backed by the Dubai Department of Economic Development, is Dubai’s official digital currency.

The move will also enable consumers to make digital payments while using government portals and services, telecommunications, and at government shopfronts.

A bespoke Pundi X POS device will be responsible for the transactions. The device, produced by ebooc fintech & loyalty labs for the exclusive use of emcredit, will help it run a digital equivalent to UAE’s official currency, Dirham [AED].

Pundi X’s partner in the Middle East, Ebooc, is the first Emirati fintech company, and provides blockchain-based technology solutions in the financial sector. The announcement brings Dubai one step closer to being a blockchain innovation center.

XPOS devices are set to be launched at shopfronts in a progressive manner, with numbers increasing over the years.

An emcredit spokesperson said that becoming the first global capital to offer digital currency payments to its citizens was a historical moment for the nation. He said:

“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.”

The spokesperson also mentioned that the decision came after a directive from of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE vice-president and Prime Minister and ruler of Dubai.

Zac Cheah, the CEO and Co-founder of Pundi X, also was optimistic of the bright future for Dubai in the blockchain ecosystem. He said that it was a great feat for his company to be able to work in the “most advanced economy in the Middle East”. Zac added:

“We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation.”

The Co-founder and CEO of ebooc, Abdalla Al Shamsi, also seconded Zac’s view and added that the company is extending its reach by being the exclusive partner of Pundi X.

Sunil Malhotra, Co-founder of ebooc, and managing director of BChain, said:

“emcredit-ebooc–Pundi X partnership will deliver a differentiated customer experience through innovative POS products and service for consumers in Dubai bringing together various service providers under one platform.”

The service will be available to citizens and residents of Dubai after the technology is approved by government authorities this year. About 100,000 devices are expected to be launched in the next three years.





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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