- Dubai has launched its own cryptocurrency, valued at $0.17 per coin.
- As of now, only specialized brokers and authorities will control circulation.
- Dubaicoin will soon be able to buy and sell goods in place of fiat.
Arabian Chain Technology, the company behind the coin, shared the news in a press release. The currency has high hopes to become the pinnacle of Dubai’s technological success. It also has the potential to become the local go-to digital asset. Moreover, only specialized brokers and local authorities will control its circulation. Attaching itself to the hustling bustling city’s own identity, the aptly named Dubaicoin (DBIX) will likely see high demand due to crypto’s recent popularity with its residents. Also, Dubai is one of the first cities to try out its own cryptocurrency.
About its usage, Dubaicoin will soon be able to buy and sell goods through both online and in-person channels. The release mentioned that there is a clear intention to eventually have the coin used in place of fiat money.
With highly developed countries like the USA and China’s interest growing in crypto, the possibility of a virtual cash-only future becomes more and more real. Dubai, following up on its legacy of staying ahead of the curve, is looking to ride this surge of interest in digital and decentralized platforms.