Being based in Dubai, this cryptocurrency can be sustainable as the dirham is also stable against the dollar.
UAE is considered the safest for cryptocurrencies. Even a Covid-19 relief fund in India – India Covid Relief Fund has recently formed a company in Dubai whose purpose is to exchange cryptocurrencies received as donation.
New Delhi. There has been another explosive entry in the world of cryptocurrencies. Dubai has launched its first cryptocurrency Dubai Coin (DBIX). This currency is traded on select exchanges based on public blockchain. Its original price was $ 0.17 but according to Crypto.com its price increased to $1.13 in 24 hours. That is, people can generate their own DBIX.
ArabianChain Technology has launched
According to Crypto.com, the value of DubaiCoin has increased by more than 1000 percent during the last 24 hours. May 27 at 4 pm DubaiCoin was trading at $1.13, which is 0.17 percent above its original price. This coin has been launched by UAE company ArabianChain Technology. This is the first coin of Arab countries which is based on public blockchain.
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According to the press release issued by the company, “DubaiCoin will soon be used for online and offline payment of goods and services. This clearly indicates that the company will use this coin in place of traditional bank-backed currency.” It wants the city and authorized brokers to control the circulation of the new digital currency.
UAE safest for cryptocurrencies
UAE is considered the safest for cryptocurrencies. Even a Covid-19 relief fund in India – India Covid Relief Fund has recently formed a company in Dubai whose purpose is to exchange cryptocurrencies received as donation. Although DubaiCoin will be slightly different from other cryptocurrencies.
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Based on DubaiCoin Public Block Chain
DubaiCoin is based on a public block chain, so it is not clear whether Arab Chain will regulate its prices. This coin can identify itself as a Central Bank Digital Currency (CBDC) along with the dirham. Being based in Dubai, this cryptocurrency can be durable as the dirham is also stable against the dollar.