Dubai launched its own cryptocurrency – DubaiCoin ( DBIX ). Based on a public blockchain, the crypto is trading merely on a choice number of exchanges and populace blockchain will allow people to generate their own DubaiCoin by mining them. The price of the cryptocurrency rose by 1,000 per penny over the last 24 hours. According to Crypto.com, DubaiCoin was trading at around $ 0.17 but picked improving to $ 1.13 on May 27 .
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however, the government of Dubai has clarified that DubaiCoin has not been approved by any official assurance. The Dubai Media Office tweeted that the web site promoting the cryptocurrency is a phishing crusade that has been designed to steal sensitive information from its visitors .
Dubai Coin cryptocurrency was never approved by any official authority.
The web site promoting the coin is an elaborate phishing campaign that is designed to steal personal data from its visitors. pic.twitter.com/Q0HBXfqaDO— Dubai Media Office (@DXBMediaOffice) May 27, 2021
What is DubaiCoin?
The DubaiCoin was launched by United Arab Emirates ( UAE ) based party, Arabianchain Technology, which claims it to be the first base public blockchain-based cryptocurrency in the Arabic populace. The caller informed that the circulation of the fresh digital currency will be controlled by both the city itself arsenic well as authoritative brokers .
But the DubaiCoin appears to be reasonably different from regular cryptocurrencies. For exemplify, mining would render the coin fickle, but Arabchain has said that the city of Dubai is regulating its price. It is likely to qualify as a central bank digital currency. Being based in Dubai should give the mint some stability since the Dirham is always stable against the dollar due to certain international treaties between the two countries .
Why was DubaiCoin trending?
DubaiCoin was launched at a price of $ 0.17 and was listed on several deal platforms. But since then, most have removed it, including market-leading CoinMarketCap. however, on Thursday, crypto.com listed its price at $ 1.13, indicating a sock 1,114 per cent addition, with a issue of 4.26 million and a commercialize capitalization of $ 4.84 million .
How to buy DubaiCoin
As of now, DubaiCoin is not available on any major exchanges, but concern investors who are looking to buy the cryptocurrency will have to do thus by exchanging it for Bitcoin or Binance Coin at exchanges where the coin is inactive available. Dubaicoin is presently available for purchase on the stick to exchanges – HitBTC and Cryptopia. however, DubaiCoin is a fairly new cryptocurrency, and investors have been advised to research its legitimacy before choosing to invest in such a sword new project .
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Should you buy it?
No. Unless losing money in unverified investments in the hope of getting lucky is your thing. evening then, don ’ thyroxine .
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