What exactly is Dubai Coin?
Dubai Coin, Dubai’s own crypto currency, has been introduced (DBIX). According to a press release, Dubai Coin’s worldwide beginning price is $0.17 per coin. Due to its recent price increase, it is currently a popular issue. According to Crypto.com, the price of cryptocurrency has increased by over 1000 % in the last 24 hours. On May 27, at 4 p.m. IST, it was trading at roughly around $1.13, up from an initial price of $0.17.
Dubai Coin is Set to Become the City’s De-Facto Digital Currency with the Launch of Dubai’s Cryptocurrency. Dubai coin is intended to ultimately replace the Dirham which will be used to purchase products and services in the city. This implies that the currency’s blockchain ledger will be maintained by the public, and new coins will be issued through mining. For the time being, DBIX will only be available on a few exchanges, although larger exchanges are known to take up successful currencies.
Arab Chain Technology the founder of cryptocurrency in the UAE
Arabian Chain Technology, a firm located in the United Arab Emirates (UAE), introduced the cryptocurrency, claiming to be the first public blockchain-based in the Arabic world.
“Dubai Coin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies. Circulation of the new digital currency will be controlled by both the city itself and authorized brokers,” according to a press statement from the corporation.
Arabian Chain Technologies aspires to put Dubai ahead of the competition. Countries all across the world, including China and the United States, are discussing the launch of their own cryptocurrency. The adoption of cryptocurrency in Dubai might be just the beginning. Arabian Chain Technologies has big plans to make cryptocurrencies the future of finance and trade in the UAE.
Surprisingly, cryptocurrency has not yet been made available for trade on exchanges. It was designed to be similar to regular Dirham.
Previous Experience with Cryptocurrency
Dubai Coin isn’t the first cryptocurrency to be adopted by a government. Venezuela’s national coin, the Petro, was introduced in an effort to pay off the country’s debt. This initiative failed because the currency had little worldwide influence and did not address some of Venezuela’s most pressing economic challenges.
Uncertainty VS Stability
The UAE is well-known as a safe haven for cryptocurrency investors. However, the Dubai coin, on the other hand, would be a little different from other cryptocurrencies. Although mining should make it fairly unpredictable, and it is built on a public blockchain, it’s unclear what Arab chain 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). As Dirham is always steady versus the dollar because of specific international agreements between the two countries, the coin’s location in Dubai might provide stability.
To be transparent, the Dubai coin is not yet an identical CBDC. China continues to be the only country in the world that has issued and is testing its own CBDC.
DMCC opens Crypto Centers for NFTS, Blockchain and other technologies
The Dubai Multi Commodities Center (DMCC) is the Dubai Multi Commodities Center (DMCC), and its new area is exclusively dedicated to online enterprises. By establishing a specialized Crypto Center, DMCC Dubai has gotten on the NFT and Blockchain trend.
Cryptocurrencies, blockchain technology, non-perishable tokens and NFTs are all examples of non-perishable tokens that may be used to buy anything online. To put it another way, there’s a whole section devoted to the future.
This center will work with a wide range of cryptocurrency businesses. From blockchain platforms to companies that provide, issue, list, and trade digital assets.
Impact on the World
Dubai Coin may be markedly different from its precursors. The UAE has remarkable economic strength as a result of its rising economy and plenty of natural resources. The adoption of a cryptocurrency in such a location will definitely make an impact on the worldwide financial sector.
Now the question is, Dubai has previously been branded as “the city of gold.” In the future, would Dubai also be known as the City of Digital Gold? Well, for that we have to wait for some time and see what this new Dubai Coin Crypto currency holds for the future market of Dubai.