Dubai officials denies giving DubaiCoin official cryptocurrency status The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News
Launched by United Arab Emirates based company Arabianchain Technology, DubaiCoin was dubbed to be the first publicblockchainbased cryptocurrency in the Arabic world. The company said in a statement that DubaiCoin will be expanded for wide range of products and services and it could replace the traditional bank-backed currencies. “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” the company said. DBIX was launched by United Arab Emirates based company Arabianchain Technology. It claims to be the first public blockchain based cryptocurrency in the Arabic world. Mine your Zcash coins or collaborate as a group of cryptocurrency Miners to form a shared network, to boost your benefits.
However specific facts have not been cleared by the company when it said that the city of Dubai would be regulating DBIX price. It is not clear if the DubaiCoin seeks to be a replacement for central bank digital currency alongside the national currency Dirham. If it is true, the crypto money will enjoy a fair bit of stability since Dirham is always stable against the USD.
DubaiCoin See a massive 1000% in just 24 hours
It did not stop there, and the fake press release claimed that Dubai coin cryptocurrency would become the official digital currency. It is akin to official digital currency or traditional bank-backed currencies in many countries like China, India and the US. The upcoming digital coin is available for sale at a starting price of$0.17 per coin via a website called dub-pay. The story started with a fake press release on May 24, published in the name of Arabianchain Technology, on PR Newswire. ArabianChain Technology, consensus driven blockchain was a legitimate blockchain firm based in Dubai. The fake press release claimed that Dubai was making its official cryptocurrency or traditional bank-backed currencies.
Dubai coin has boosted from $0.0845 to $1.2 before facing a short correction leading the price back to $1.13. The coin price still trades under a bullish sentiment dbix price prediction as the uptrend continues with no significant falling action in the scene. The percentage growth of the coin is still above 1000% with a market cap of $4.84M.
As with any beta release, now is the time for extensive testing to identify anything that needs to be tweaked before general release later this month. Carbonyte Pool employs powerful and dedicated servers that are constantly and securely monitored. Our experts have developed a highly optimised system to ensure you have a smooth crypto-mining experience. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. The website promoting the coin has now become inaccessible, but a record on Internet Archive revealed that the website had detailed how investors can buy DubaiCoin.
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The trading activity in the coin as per the intraday volume of $591,863.24 is pretty impressive. It went under consolidation between $0.505-$0.519 before restarting the bull run. Investors can ride the trend if they believe in the growth of 1st ever cryptocoin of Dubai. However, Investors must be cautious with the possibility of huge dips in the coin price.
- Use the digital currency list to view price changes, market cap and volumes across each Cryptocurrency.
- It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider.
- However, Investors must be cautious with the possibility of huge dips in the coin price.
- To give more credence, the fake press release, which has since been unpublished, claimed that Dubaicoin circulation would be controlled by both the city itself and authorized brokers.
- If it is true, the crypto money will enjoy a fair bit of stability since Dirham is always stable against the USD.
To give more credence, the fake press release, which has since been unpublished, claimed that Dubaicoin circulation would be controlled by both the city itself and authorized brokers. DubaiCoin is country’s very own crypto marketcap has risen by 1000% in the last 24 hours. The cryptocurrency is based on Arabchain technology, which is touted as the first blockchain in the Arab world.
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The DubaiCoin story, which was all over the press, turned out to be a scam. The Dubai Government in a statement said that DBIX was never given an official status. The Dubai Media office – the official arm of Dubai government – in a tweet clarified that the 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. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. Use the digital currency list to view price changes, market cap and volumes across each Cryptocurrency.
After furnishing details such as name, email address, and phone number on a form, an agent will contact the investor and help change their local money to DubaiCoin . The website promoting the coin is elaborate phishing campaign designed to steal personal information from its visitors.
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Even though DBIX is yet to be get listed on any exchange or get an official nor has not obtained sanction by any official body, and this fact has been confirmed by the city of Dubai. The official Dubai Media Office has tweeted that the digital token website is conducting a phishing operation to steal personal information. All you need is an idle computer system and Carbonyte Pool will offer you the rest! Use the fast and secure mining software designed to help you mine ZEC with ease. Easily manage your ZEC coins and access all Zcash Network features with an optimised interface.
DBIX cryptocurrency can be compared to the Digital Yuan, which China will release. DubaiCoin circulation will be controlled by the city & authorized brokers, and it can be used to pay for goods and services in Dubai. It is still not clear how many investors were duped into buying the fake de-facto cryptocurrency from cryptocurrency exchanges or authorised brokers.
Dubai has one of the most investor-friendly environments in the world and is also a haven for cryptocurrencies traders. Relief Fund had recently set up an entity in Dubai to convert the cryptocurrency it received to fiat currencies. Earn interest by freezing your Zcash tokens for a long period by entering into Smart Contracts. Freeze as few or as many coins as you want for https://cryptolisting.org/ a set period and earn interest on them. Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.