Dubai launches its own cryptocurrency - DubaiCoin

The largest city in the UAE has launched its own cryptocurrency called DubaiCoin (DBIX). It is based on a public blockchain system and is generated during the mining process. In the future, it can become a full-fledged means of payment and an investment asset.
Created by the Arabchain Technology startup, the digital currency became the first public blockchain in the country. According to the Crypto.com portal, since May 26, the value of the cryptocurrency has increased by more than 1000% - from $ 0.17 to $ 1.13 at the time of writing.

Dubai launches its own cryptocurrency - DubaiCoin

DubaiCoin will soon be used to pay for a range of goods and services both in-store and online, instead of traditional bank-backed currencies. The circulation of the new digital currency will be controlled both by the city itself and by authorized brokers

the company said in a statement
Dubaicoin has not yet been launched for trading on exchanges and has not yet become an analogue of other central bank digital currencies (CBDCs). The first country to have already released and is testing its own CBDCs is China. For the foreseeable future, the US, India, UK and the European Union are also considering setting up their own CBDCs.
FX24

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