In February, the Dubai government announced plans to issue a national cryptocurrency emCash. The coin will be used for payment of public and commercial services. Now the largest Bank in the city Emirates NBD announced the launch of a blockchain system, Check Chain, which will improve the security of payments. This writes Bitcoinist.
Banks accept cryptocurrency and the blockchain
The service is intended for so-called transaction validation. We are talking about operations that the client confirms by using the private key of the authenticator. Check Chain will enable Bank staff to verify the authenticity verification and to prevent fraud by client accounts.
Technology will significantly strengthen our position in the field of protection of customers from fraud and theft of funds. In the case that it will be in demand from users, we plan to extend it to the whole country.
As the newspaper notes, the introduction of technology means that the largest Bank of Dubai officially acknowledged the existence of the cryptocurrency. Hopefully that example will be followed by Emirates NBD and other financial institutions.
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