Cryptocurrency News

UAE Authority issues warning about Dubai coin

As a technology-friendly sector, Dubai is nothing short of new and promising projects, including crypto and blockchain, but the influx of new cryptocurrencies make it difficult for newcomers to distinguish shady campaigns from credible campaigns.

Dubai Media Office Announced That authorities have never approved a digital currency called Dubai Coin saw a jump of 1,000% when the project started as “Dubai’s official digital currency” earlier this week.

“It’s not the city’s official cryptocurrency,” the announcement warned. “The website promoting Dubai Coin is an elaborate phishing campaign designed to steal personal information from its visitors.”

Following the announcement, major listing platforms CoinMarketCap and CoinGeko have removed Dubai Coin from their page. Since the official statement, the coin’s price has fallen by more than 50% The data From the trading view.

Dubai Coin’s now-defunct website claims that it is a project run by ArabianChain Technology, a public blockchain developed in the region. Arabian chain was quick announcement of, Officials the day before, that the Dubai Coin website is not related to the company. He also called the project website a scam.

According to the ArabianChan website, DBIX is the platform’s core digital currency. But it is not related to Dubai coin. The official statement states, “DBIX is the fuel of ArabianChan and the first minable digital currency in the region.”

The now-deleted press release about Dubai Coin claimed that it “has been launched by Dubai, and is set to become the city’s real digital currency.”

Dubai is known for its positive attitude towards blockchain technology and cryptocurrency. Earlier this year, The Dubai Financial Services Authority intensifies its efforts Creating a standardized framework for cryptocurrency regulations in the emirate.