Dubai launched its own cryptocurrency – DubaiCoin (DBIX). Based on a public blockchain, the crypto is trading only on a select number of exchanges and public blockchain will allow people to generate their own DubaiCoin by mining them.
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The coin was launched by Arabianchain Technology, a company based in the United Arab Emirates (UAE), which claims to be the first public blockchain based in the Arabic world. “DubaiCoin 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
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The cryptocurrency was launched by Arabchain Technology, which claims to be the first public blockchain in the Arabic world.
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However, the city of Dubai has clarified that the digital currency has not been sanctioned by an official body.