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- Insights
- Cryptocurrencies
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- Geography
The cryptocurrency market doesn't fail to make headlines. Sometimes it is about the volatility, regulations, or a new cryptocurrency. Earlier this year, DubaiCoin was launched in the crypto market with claims that it is Dubai's official cryptocurrency. As expected, DubaiCoin got all the limelight it was hoping for which was, unfortunately, short-lived.
DubaiCoin's website read, "consumers can use DubaiCoin to pay for goods and services, both online and in person. The intent is for the coin to be used in place of regular paper money. The circulation of DubaiCoin will be controlled by the city itself as well as authorized brokers." Sounds legit, right? But here's what Dubai wants investors to know – DubaiCoin has no connection with Dubai's official authorities.
The truth is that DubaiCoin was launched by a UAE-based company named Arabianchain Technology. But there are no legal sanctions that prove its affiliation with the city of Dubai. Even the company, Arabianchain Technologies, has never put out a statement talking about its legitimate connection to the financial authorities of UAE. After further digging, it was found out that a team of fraudsters set up the DubaiCoin website to phish data and money from crypto investors. When potential investors filled out a form on the website, an agent would contact them and offer to exchange their currency for DubaiCoin. Thanks to the cryptocurrency's convincing name, many fell prey to this scam. On May 18, the government of Dubai officially put out a statement dismissing all claims about it being the official cryptocurrency of Dubai. Since then, the website has been taken down but the cryptocurrency does exist normally like any other cryptocurrency.
In reality, DubaiCoin is a cryptocurrency that is battling for existence. Most of the top cryptocurrency exchanges are no longer listing DubaiCoin for trading, but according to Crypto.com, at the start of June, there were 4.26 million units of DubaiCoin in circulation but it's not a wise decision to invest in DubaiCoin as of now. The last known price of DubaiCoin is US$0.045205. Right now, the only way to get DBIX is through mining.
