ubai launched its first public blockchain-based cryptocurrency. In just 24 hours, the price of DubaiCoin (DBIX) rose by 1000%. Cryptocurrency is currently traded on certain exchanges. The public blockchain will allow people to generate their own Dubaicoin through mining. At the time of writing, the current price of the coin was $ 1.13, and its market capitalization was $ 4.84 million. The supply of DBIX is 4.26 million currently.
DubaiCoin was launched by ArabChain Technology from the United Arab Emirates (UAE). The company claims to be the first blockchain-based public cryptocurrency in the Arab world. The company plans to use the coin to pay for different goods and services both online and offline.
Dubai Coin works just like any other cryptocurrency. With the rise of digital currency mining, it will increase instability. However, the company said the price would be based on the city of Dubai. The central bank may also qualify as a digital currency and appears to have a much deeper connection to China’s official digital yuan, which is currently being tested in the country. It should be noted that the RBI of India also plans to launch its own digital currency.
Meanwhile, cryptocurrency trading has seen fluctuations over the past few weeks following China’s ban on virtual coins. Environmental issues associated with bitcoin mining have also affected the entire cryptocurrency market. Cryptocurrency prices recovered on Friday after trading weakened on Thursday. At around 9:25 am, Bitcoin was trading just over $ 38,000. As China cracks down on cryptocurrencies, it is still struggling to break through $ 40,000. Bitcoin is down nearly 30 percent this month amid concerns from China and Elon Musk stocks about the environmental impact of cryptocurrency mining.