Dubai has launched its first cryptocurrency based on a public blockchain. Just within 24 hours, the DubaiCoin (DBIX) price has gained 1,000 percent. The Dubai cryptocurrency is now only trading on select exchanges.
As per the crypto.com information, Dubaicoin was trading at roughly $0.17 but rose to $1.13 on May 27. However, this cryptocurrency is launched by the UAE-based company Arabianchain Technology. The company says that DubaiCoin is the first public blockchain-based cryptocurrency in the Arabic world. Moreover, it added to his words that people will soon be able to use DubaiCoin for purchasing products and services online and offline.
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The company added to its statement that “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.”
Few Things To Know About DubaiCoin
DubaiCoin works just like other cryptocurrencies. It will lead to higher volatility as the mining of digital currency increases. However, the company said that the price will be based on the city of Dubai.
Also, it will qualify as a central bank digital currency. Also, note that India’s RBI also plans to launch its own digital currency. Meanwhile, cryptocurrency trade has increased volatility in the last few weeks after China’s crackdown on virtual coins.