Dubai has launched its own cryptocurrency called DubaiCoin (DBIX). DubaiCoin is a hot topic right now due to its recent surge in price. DubaiCoin has increased by over 400% in the last 24 hours according to CoinMarketCap.
Arabian Chain Technology launched this coin with the intention of it being used for payments across Dubai. They claim this will soon be the case as it’s slowly being adopted across the city, allowing it to be used as payment for all sorts of goods and services.
Dubai could start the global trend towards cryptocurrency adoption
Arabian Chain Technologies want Dubai to be ahead of the game. Nations across the globe, including the likes of China and the United States, are in talks of developing their own cryptocurrencies.
Dubai adopting crypto could just be the start. In their latest press release, they announced they have huge ambitions to further push cryptocurrency as the future of finance and trade not just in Dubai but globally. DubaiCoin has a long-term goal of being the first ‘Blockchain powered government.’
Dubai is already dubbed as ‘the city of gold,’ Dubai could be ‘the city of digital gold’ in the future as well.
The United Arab Emirates is proactive in the crypto space. Arabian Chain Technologies and their coin DubaiCoin are not the only projects based in this country.
In an interview on the AIBC summit of Saeed Al Darmaki, founder of Sheesha Finance and part of Abu Dhabi investment authority, he spoke about multiple projects within UAE. Abu Dhabi investment authority is a regulated fund for investing the wealth Abu Dhabi creates through oil sales.
Saeed stated that they were “investing for the future generations” and is excited about the future of Bitcoin and believes it can change the financial system within UAE and worldwide for the better.
Could DubaiCoin be the future of payments in Dubai?
DubaiCoin won’t be the first cryptocurrency to be used by a country. Venezuela’s national coin Petro was created in an attempt to eliminate the national debt. This project failed as the coin did not make an impact internationally, nor did it solve some of the fundamental economic issues within Venezuela.
DubaiCoin could be different from any predecessors. UAE has incredible economic strength due to its growing economy and all of its natural resources. Adopting a cryptocurrency in such a place will have effects on the financial market globally.
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