Dubai has developed its first public blockchain-based cryptocurrency. The price of DubaiCoin (DBIX) has risen 1,000% in only 24 hours. Currently, the coin is only available on a few exchanges.
Dubaicoin was selling at around $0.17 on crypto.com on May 27, but it increased to $1.13 on May 27. Arabianchain Technology, located in the United Arab Emirates, established the cryptocurrency.
DubaiCoin, according to the business, is the first public blockchain-based cryptocurrency in the Arabic language. People will soon be able to use DubaiCoin to buy items and services both physically and online, according to Arabianchain Technology.
“Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” the company added in a statement.
DubaiCoin is unlikely to function in the same way as other cryptocurrencies. As the number of people mining the digital currency grows, it, like all other cryptos, will become more volatile. The fee, however, will be set by the city of Dubai, according to Arabchain.
It might also be classified as a central bank digital currency, and it appears to be the most similar to China’s official digital Yuan that is now being tested in the nation. It should be mentioned that India’s Reserve Bank of India has plans to develop its own digital currency.
Authorities in India, who are working on developing the country’s first digital currency, are expected to keep a close eye on DubaiCoin’s performance. When the government announces its proposed cryptocurrency guidelines, anticipate more information on India’s digital currency.
