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.
IS IT SIMILAR TO OTHER CRYPTOCURRENCIES?
DubaiCoin is unlikely to work
Circulation of the new digital currency will be controlled by both the city itself and authorised brokers
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 Reserve Bank of India (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. India’s digital currency can be expected when the government releases its draft cryptocurrency rules.
