- Dubai Coin is not an official Dubai government-backed cryptocurrency.
- The new digital asset is said to be launched by Arabian Chain Technology.
- Public blockchains allow the public to mine currency and maintain the blockchain ledgers.
A new cryptocurrency called DubaiCoin has been trending in the crypto markets. The new currency surged over 1,000 percent on cryptocurrency exchanges after claiming to be the cryptocurrency of Dubai.
A cryptocurrency is a subset of virtual currencies, and is decentralized, and protected by cryptography. A virtual currency is basically a digital representation of value that can be digitally traded and it functions as a medium of exchange. However, unlike a regular currency such as the rupee, it is not legal tender and does not have the backing of a government.
DubaiCoin: The company said in a press release
“DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies. Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.”
Right from the start, DubaiCoin claims to be different, allowing transactions for a wide range of products and services both online and offline. Despite its promises, DubaiCoin is still not recognized by the government.
The clarification from the Dubai government:
“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.”
How to buy DubaiCoin?
As of now, it is not available on any major exchanges. Interested investors who are looking to buy DubaiCoin will have to do so by exchanging it for Bitcoin or Binance Coin at exchanges where DubaiCoin is available. At the time of writing this article, Dubaicoin is available for purchase on the following exchanges – HitBTC, Cryptopia.
DubaiCoin is a fairly new cryptocurrency, and investors are advised to research the legitimacy of the coin before choosing to invest in such a brand new project.
Thanks for Reading!!