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Dubai, NFAPost: Amid the growing importance of blockchain technology and cryptocurrency across the globe, Dubai has come up with its own cryptocurrency DubaiCoin (DBIX).

It is interesting to note that its price jumped 1000% within 24 hours of the launch. Sources familiar with the development states that the new cryptocurrency is based on a public blockchain and is trading on a select number of exchanges.

But in another development, the Government of Dubai Media Office completely denied the development from the government side. In a tweet, the Government of Dubai Media Office stated Dubai Coin 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,” states the Government of Dubai Media Office in its tweet.

The Telecommunications and Digital Government Regulatory Authority (TDRA), the apex body helping the government in the telecommunications sector and enabling government entities’ digital transformation, also denied the claim stating that DubaiCoin cryptocurrency was never approved by any official authority.

Public blockchain will allow people to generate their own DubaiCoin by mining them. Over the last 24 hours, the value of the crypto rose by 1,000%. As per the news source, DubaiCoin was trading at around $0.17 but picked up to $1.13 on May 27.

DubaiCoin was launched by United Arab Emirates (UAE) based company Arabianchain Technology. It claims to be the first public blockchain-based cryptocurrency in the Arabic world. Arabianchain Technology is also enabling blockchain innovation in order to unlock the potential of tomorrow’s economy. The company also owns by Palmex Digital Asset Exchange, the first professional digital assets exchange in MENA, that offers advanced trading tools, multiple cryptocurrency pairs, rigorous security measures and low trading fees.

The company said in a statement that DubaiCoin will soon be able to be used for a range of products and services both offline and online, and used in place of traditional bank-backed currencies. “Circulation of the new digital currency will be controlled by both the city itself and authorised brokers,” the company said.

It appears that DubaiCoin would be somewhat different from regular cryptocurrencies. For instance, mining would render the coin volatile but then Arabchain has said that the city of Dubai is regulating its price.

According to analysts, DubaiCoin is likely to qualify as a central bank digital currency. It is the closest thing to China’s official digital Yuan that is being tested in the country right now. Some other countries are also considering digital versions of flat countries.

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