DubaiCoin is not an “official cryptocurrency” but a phishing company – the government of Dubai
The Government of Dubai Media Office announced that the authorities have never approved DubaiCoin.
Officials say there is no “official cryptocurrency” in Dubai. “The website promoting the coin is an elaborate phishing campaign designed to steal the personal information of visitors,” the government added.
Also, major platforms CoinMarketCap and CoinGecko have removed DubaiCoin from their pages. According to TradingView, the coin’s price has dropped more than 50% since the official announcement.
The now defunct DubaiCoin website indicated that the project is based on ArabianChain Technology, a public blockchain developed in the region.
ArabianChain announced that the DubaiCoin website is not affiliated with the company. They also called the project site a scam. According to the ArabianChain website, the platform’s own digital currency is DBIX. But it has nothing to do with DubaiCoin.
A remote press release on DubaiCoin claims that it “was launched by Dubai and is set to become the city’s de facto digital currency.”