Dubai’s first cryptocurrency rises 1000% in 24 hours.

United Arab Emirates (UAE) has introduced its first open blockchain-based cryptocurrency named Dubaicoin (DBIX), and the price of Dubaicoin has risen 1000% in just 24 hours. At present, the currency (DBIX) is only available on a few selected exchanges. According to the data on that appeared on May 27, Dubaicoin exchanged at around $0.17 but rose to $1.13. 

Arabian chain Technology, a firm based in the United Arab Emirates (UAE), launched this cryptocurrency. In the Arabic world, the company claims to be the first public blockchain-based cryptocurrency. In an announcement according to the corporate, DubaiCoin will soon going to be used for a variety of different products and services both offline and online and will be utilized instead of conventional bank-backed currencies. “Circulation of the brand new advanced outside cash will likely be oversee by each town itself and approved brokers,” the corporate stated. 

DubaiCoin (DBIX) seems to be somewhat different from other virtual cryptocurrencies. For example, mining would make the cryptocurrency unstable, but the Arab chain has asserted that The United Arab Emirates regulates its value. Therefore, it is likely to be classified as a digital foreign currency by a central financial institution. It is the most similar thing to China’s official digital Yuan being examined in the United States. Digital versions of flat international places are also being considered by other international countries. It must be noticed that the Reserve Bank of India has plans to develop its digital currency as well. Authorities in India, who are working on generating the country’s first digital currency, are expected to keep a close eye on Dubai Coin’s progress. When the government announces its draft cryptocurrency guidelines, more information on India’s digital currency can be expected.

Polygon, an Indian cryptocurrency platform, has been generating news. Mark Cuban, the Shark Tank billionaire investor, has invested in Polygon. Matic, the company’s native currency, has surpassed $10 billion in market capitalization and is currently among the top 20 cryptocurrencies on the planet.

Simultaneously, after China’s crackdown on digital currencies, the bitcoin market has seen significant volatility in recent weeks. Environmental considerations about Mining bitcoin have had a ripple effect throughout the cryptocurrency sector.

Furthermore, after trading lower on Thursday, the values of famous cryptocurrencies such as Bitcoin and Ethereum (Ether) rebounded slightly on Friday. However, investors should know that the cryptocurrency market’s volatility is still on the higher side, and analysts have advised against making large investments.

ByMahendra D

Jun 4, 2021 ,