As a renowned crypto-friendly region, Dubai isn’t in need of new and promising projects, along with crypto and blockchain, but the influx of the latest crypto assets makes it harder for newcomers to differentiate shady campaigns from reliable ones.
The Dubai Media Office revealed that the authorities haven’t approved a virtual currency referred to Dubai Coin, which saw a 1,000% jump when the project launched as “the official digital currency of Dubai” earlier in the week.
“It’s not the official cryptocurrency of the town,” the announcement warns. “The website promoting Dubai Coin is an elaborate phishing campaign that’s designed to steal personal information from its visitors.”
Just after the announcement, major listing platforms CoinMarketCap and CoinGecko have removed Dubai Coin from their pages. The worth of the coin crashed by over 50% since the official statement, consistent with data from TradingView.
The now-defunct website of Dubai Coin claims that it’s a project powered by ArabianChain Technology, a public blockchain developed within the region. ArabianChain was quick to announce, at some point before the officials, that the Dubai Coin website is unrelated to the company. It also called the project website a scam.
In line with the ArabianChain website, DBIX is the native digital currency of the platform, but it’s unrelated to Dubai Coin. “DBIX is the fuel of Arabianchain and therefore the primary minable digital currency within the region,” the official description outlines.
A now-removed handout about the Dubai Coin claims that it’s “been launched by Dubai, and is about to become the city’s de-facto digital currency.”
Dubai is understood for its positive attitude toward blockchain technology and cryptocurrencies. Earlier this year, the Dubai Financial Services Authority ramped up its efforts to make a uniform framework for cryptocurrency regulations within the Emirates.