A new cryptocurrency named DubaiCoin had been in the market limelight after Dogecoin and Shiba Inu Coins. The digital coin saw a surge of more than 1,000 % in the time span of 24 hours. Let’s look at the further information about this new digital coin.
DubaiCoin – Latest News
The new digital coin named DubaiCoin had seen a surge of over 1,000 % in a time span of 24 hours. This was because numerous media had reported the digital coin to be the official digital coin of Dubai. The value had shot up after a press release claiming it to be the official cryptocurrency of the country.
The digital coin was made by the cryptocurrency startup Arabianchain technology and had claimed that it was the official cryptocurrency of the West Asian city. This led to the major rally in the increase of the price of the coin.
Dubai Government’s response to DubaiCoin
The Dubai Government had responded conveying that it was not an official digital coin or cryptocurrency of the country and warned the investors claiming it to be a phishing scam. The government had denied it to be the official cryptocurrency and also added that the cryptocurrency was not approved by any official authority.
The government also warned that the website that was promoting the campaign was a phishing site which is designed to steal the information of the users accessing the website. The surge of the coin had brought it to the notice of the Dubai Electronic Security Centre after which it issued the statement.
The cryptocurrency which was trading at USD 0.17 had seen a surge to USD 1.13 as of 27 May 2021.
The Arabianchain Technology that founded the DubaiCoin claims that it provides the first public, decentralized and blockchain driven on an agreement in the MENA region. The company has denied making any claims such as the digital coin being the official cryptocurrency of Dubai and also added that the website was fake.
The company has conveyed that they haven’t made any claims and mentioned the website URL and said that it was fake and a scam. They also added that the press release was published on the Dub-pay site.
How to Invest in DubaiCoin from India
Since there was a surge of 1000 % in the value of DubaiCoin it is obvious that everyone would want to invest into it. However it should be noted that the cryptocurrency hasn't officially been made the digital coin of Dubai and the Dubai government has also rejected the claim.
However, the digital coin is not available on any cryptocurrency exchange platforms but DubaiCoin is available for exchange at HitBTC and Cryptopia. If you are interested in the digital coin then you will be able to get it by exchanging your Bitcoin or Binance coin at exchanges where there is availability of DubaiCoin.
The press release mentioned that DubaiCoin will soon be used for the purchase of goods and services both online and offline and the cryptocurrency is expected to replace the traditional fiat currency of the country.
Can you invest in DubaiCoin in India?
As of now DubaiCoin is unavailable on any major exchange but traders can exchange bitcoin or Binance coin with DubaiCoin at exchanges where DubaiCoin is available.
Is Bitcoin allowed in Dubai?
Yes trading in bitcoin is allowed in Dubai.
Is Dubai coin fake?
According to Dubai Media Office, DubaiCoin 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.
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