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DubaiCoin, Dubai’s 1st cryptocurrency, jumps 1,000% in 24 hours

Dubai has launched its first cryptocurrency based on a public blockchain. In just 24 hours, the price of DubaiCoin (DBIX) has gained 1,000 per cent. The cryptocurrency is currently trading on select exchanges.

Information on crypto.com showed that Dubaicoin was trading at roughly $0.17 but rose to $1.13 on May 27. The cryptocurrency was launched by the UAE-based company Arabianchain Technology.

The company claims that DubaiCoin is the first public blockchain-based cryptocurrency in the Arabic word. Arabianchain Technology has also said that people will soon be able to use DubaiCoin for purchasing products and services, both offline and online.

"Circulation of the new digital currency will be controlled by both the city itself and authorised brokers," the company added in a statement.

IS IT SIMILAR TO OTHER CRYPTOCURRENCIES?

DubaiCoin is unlikely to work similarly to how other cryptocurrencies work. As mining of the digital currency increases, it will lead to higher volatility like all other cryptos. However, Arabchain said that the price will be regulated by the city of Dubai.

It may also qualify as a central bank digital currency and seems to be the closest thing to China’s official digital Yuan that is being tested in the country right now. It may be noted that India’s RBI also has plans to launch the country’s own digital currency.

The performance of DubaiCoin is likely to be closely followed by authorities in India who are working on creating the country’s first digital currency. More details on India’s digital currency can be expected when the government releases its draft cryptocurrency rules.

Meanwhile, cryptocurrency trade has been witnessing increased volatility for the past few weeks after China’s crackdown on virtual coins. Environmental concerns regarding Bitcoin mining has also impacted the entire cryptocurrency market.

On Friday, prices of popular cryptocurrencies including Bitcoin and Ethereum (Ether) improved marginally after trading weaker on Thursday. However, investors should note that volatility in the crypto market remains on the higher side at the moment and analysts have cautioned against heavy investing.


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