DubaiCoin: Dubai’s unofficial Digital Currency

Digital currencies have become a vital part of most economies. China has already launched its digital currency “yuan”. Now other countries are also looking forward to staying in the trend of digital currencies.

 

Staying in pace with the technological advancements around the world, Dubai based company ArabianChain Technologies has launched Dubai’s first cryptocurrency “DubaiCoin”(DBIX). 

 

As per the company claims Dubaicoin is the first public blockchain based cryptocurrency in the Arabic world.

 

Like Ethereum, Ethereum Classic and Bitcoin potential investors can also generate DubaiCoin (DBIX) through the process of mining. DBIX will be available only on a selected number of exchange platforms. 

 

Currently DBIX has an active supply of 4,26 million. The cryptocurrency broke all the previous records and made a leap of 1000% within the last 24 hours. 

 

DubaiCoin is currently trading at 1.13 USD.(1 DBX=1.13USD)  31May, 2021, 1:25 p.m. Right after its launch, crypto fans were excited to add one more digital asset to their investments. 

 

Although the company claims DubaiCoin is UAE’s first official cryptocurrency the UAE government has rendered the company’s claims as false. It also tweeted a warning that DubaiCoin is a phishing scam by the company to steal the visitor’s data. 

 

The government also added that DubaiCoin was never approved.

 

(Must Check: What is Dogecoin? Dogecoin vs Bitcoin)

 

ArabianChain Technology, is a leading UAE venture focusing on blockchain innovation.They have decentralized and secure blockchain networks that can be used for application and cryptocurrency development. 

 

The company claims that DubaiCoin can be soon used to avail a variety of services in restaurants, and malls. The company also added that circulation of DubaiCoin will be controlled by brokers and the government.

 

Bitcoin went up by 1.04% in the last 24 hours. Bitcoin’s price as on 31 May, 2020 . was $ 36,160.79 (2:40 p.m.). Ethereum marked a meagre profit of 2.47% in the last 24 hours. Ethereum current price $ 2,495.11(31 May 2021, 2:40p.m.) 

 

Binance Coin went steadily up by 0.99% and its current price is  $333.22. Dogecoin is currently trading at $0.3067.  

 

According to Business Today DubaiCoin was trading at around $0.17 but picked up to $1.13 on May 27.