Dubai has no official cryptocurrency, officials claim Dubai Coin project is scam.
As a tech-friendly region, Dubai is home to promising new projects, including cryptocurrency and blockchain. However, the flood of new cryptocurrencies makes it difficult for new entrants to distinguish shady campaigns from credible ones.
The Dubai Media Office announced that the authorities have never approved a digital currency called Dubai Coin, which has seen a 1,000% spike as the “main digital currency”. of Dubai”:
“This is not the city’s official cryptocurrency. The website promoting Dubai Coin is an elaborate phishing campaign designed to steal personal information from visitors.”
Following the announcement, major exchanges such as CoinMarketCap and CoinGecko removed Dubai Coin from the list of traded cryptocurrencies. According to data from TradingView, the price of this coin has dropped by more than 50% since the official statement.
It is said that it is a project powered by ArabianChain Technology, a public blockchain developed in the region. However, ArabianChain has confirmed that the Dubai Coin website is not related to the company and says that the website is a scam project.
ArabianChain describes DBIX as the platform’s native digital currency, but is unrelated to Dubai Coin:
“DBIX is the fuel source for Arabianchain and the first mineable digital currency in the region.”
In the latest development, the announcement “Dubai Coin has been set to become the de facto digital currency of the city” has now been removed from the website.
Dubai is known for being blockchain- and crypto-friendly. In 2021, the Dubai financial services authority has stepped up efforts to create a standard framework for cryptocurrency regulations in the emirate.
According to cointelegraph
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