DubaiCoin, the city's first cryptocurrency, has gained over 1000 percent in a single day after its launch.

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- Arabchain Innovation, which claims to be the first public blockchain in the Arabic world, introduced the cryptocurrency.

- Nearly the last 24 hours, the price of Dubaicoin has increased by over 1000 percent.

- In Dubai, Dubaicoin may be used to pay for products and services.

- The city and approved brokers will regulate the circulation of DubaiCoin.

The DubaiCoin is a cryptocurrency established by the city of Dubai (DBIX). The currency is traded on a limited number of exchanges and is built on a public blockchain, which means that anybody may mine DBIX to create their own. According to Crypto.com, the price of the cryptocurrency has increased by over 1000 percent in the last 24 hours. On May 27, at 4 p.m. IST, it was trading at roughly $1.13, up from an initial price of $0.17.

Arabianchain Technology, located in the United Arab Emirates (UAE), introduced the cryptocurrency, claiming to be the first public blockchain in the Arabic world. “DubaiCoin will soon be able to be used to pay for a variety of products and services both in-store and online, with the obvious goal of replacing existing bank-backed currencies. The city and approved brokers will regulate the new digital currency's circulation, according to a press statement from the corporation.

The United Arab Emirates is regarded for being a safe haven for cryptocurrency investors. In reality, the India-based COVID-19 relief organization, India Covid Relief Fund, has established a subsidiary in Dubai to convert crypto contributions into fiat currency. The Dubaicoin, on the other hand, would be distinct from other cryptocurrencies.

While mining should make it fairly volatile, and it is built on a public blockchain, it's unclear what Arabchain means when it says the city of Dubai is managing its pricing. If the coin replaces (or operates interchangeably with) the Dirham inside the UAE, it may qualify as a central bank digital currency (CBDC). Because the Dirham is always steady versus the dollar because to specific international treaties between the two nations, being located in Dubai should provide the currency some stability.

Related : ELON MUSK EXPLAINS WHY HE SUPPORTS DOGECOIN OVER BITCOIN, ETHEREUM, AND OTHER CRYPTOCURRENCIES AFTER HIS SURPRISING CALL FOR BETTER ‘IDEAS' DRIVES ITS PRICE SOARING

Although the Dubaicoin is not a CBDC, it is the closest thing we have to China's official digital Yuan, which is now being tested in the nation. Countries such as the United States, India, the United Kingdom, and the European Union are considering digital equivalents of fiat currencies.

                                                                                                                            Source : Business Insider

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