DubaiCoin (DBIX) which is Dubai’s very first cryptocurrency jumped 1,000% within 24 hours. It was launched by United Arab Emirates (UAE) based company ArabianChain Technology. It claims to be the first public blockchain based cryptocurrency in the UAE world.
Based on a public blockchain; the crypto is trading on a select number of exchanges at the moment. Public blockchain will allow people to generate their own DubaiCoin by mining them. The price of the crypto rose by 1,000% over the last 24 hours. According to the information released on Crypto.com, DubaiCoin was trading at around $0.17 but hiked up to $1.13 on May 27.
On the other hand, Government of Dubai clarified that the digital coin has not been approved by any official authority yet. This led to a double phased discussion.
Dubai Coin cryptocurrency was never approved by any official authority.
The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors. pic.twitter.com/Q0HBXfqaDO
— Dubai Media Office (@DXBMediaOffice) May 27, 2021
About DubaiCoin (DBIX)
DubaiCoin was launched by United Arab Emirates (UAE) based company Arabianchain Technology. It claims to be the first public blockchain based cryptocurrency in the Arabic world.
The company released in a statement that DubaiCoin will soon be able to be used for a range of products and services both offline and online, and used in place of traditional bank-backed currencies. The statement read-
“Circulation of the new digital currency will be controlled by both the city itself and authorised brokers.”
Similar to other cryptocurrencies or not?
DubaiCoin is not planning to work similarly to how other cryptocurrencies work. As mining of the digital currency increases, it will help gain the digital currency to higher volatility like all other cryptos. However, Arabianchain said that the price will be regulated according to the city of Dubai.
It may also qualify as a central bank digital currency and seems to be the most related thing to China’s official Digital Yuan that is being tested in the country right now. It can be noted that India’s RBI also has plans to launch the country’s own digital currency. Indian cryptocurrency platform Polygon has been in the limelight as Billionaire investor of Shark Tank fame, Mark Cuban, has invested in Polygon.
Its native token Matic has crossed a market cap of over $10 billion and is now among the top 20 crypto coins in the world.
Few more updates about the crypto movements
Cryptocurrency prices rebounded on Friday after trading weaker on Thursday. Bitcoin was trading just above $38,000. It is still struggling to cross $40,000 amid China’s crackdown on virtual coins.
Bitcoin has tumbled roughly 30 per cent this month amid China’s crackdown and Elon Musk’s concerns on the environmental impact of crypto mining.