DubaiCoin (DBIX), a newly formed and the first blockchain-based cryptocurrency in the Middle East, jumped to a 1,000% gain in just 24 hours despite bitcoin, etherium, and other major cryptocurrencies tumbling down in market value.
“Information on crypto.com showed that Dubaicoin was trading at roughly $0.17 but rose to $1.13 on May 27. The cryptocurrency was launched by the UAE-based company Arabianchain Technology,” said a report from Business Today.
Arabianchain Technology announced in a statement that DubaiCoin will soon be able to used by people “for purchasing products and services, both offline and online,” and can
Public blockchain will allow people to generate their own DubaiCoin through mining them.
“Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” said Arabianchain Technology in a press release.
The government of Dubai refuted all these claims saying the currency was never been approved.
“DubaiCoin 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,” said a tweet from the official handle of the Dubai government.
DubaiCoin is the closest thing to China’s official digital Yuan that is being tested in the country right now and will likely be followed by India who is creating the country’s first digital currency as well.