DubaiCoin, its Dubai own cryptocurrency, has been established (DBIX). Due to its recent price increase, DubaiCoin is a popular subject right now. According to CoinMarketCap, DubaiCoin has surged by over 400% in the previous 24 hours.
This currency was created by Arabian Chain Technology with the goal of being used for payments around Dubai. They argue that this will soon be the case since it is gradually being embraced throughout the city, allowing it to be used to pay for an array of products and services.
Arabian Chain Technologies aspires to put Dubai ahead of the field. Countries all across the world, including China and the United States, are discussing the development of their own cryptocurrency.
The adoption of cryptocurrency in Dubai might be just the beginning. Arabian Chain Technologies has big plans to push cryptocurrencies even farther as the future of money and trade in the UAE.
The United Arab Emirates is a pioneer in the field of cryptocurrency. Arabian Chain Technologies and its cryptocurrency DubaiCoin aren’t the only projects headquarter here.
Saeed Al Darmaki, the founder of Sheesha Finance and a member of the Abu Dhabi Investment Authority, spoke about several initiatives in the UAE during an interview at the AIBC conference. The Abu Dhabi Investment Authority is a controlled fund that invests the revenue generated by oil sales in Abu Dhabi.
Saeed claimed that they were “investing for future generations” and that he is optimistic about the future of Bitcoin, believing that it has the potential to improve the financial system in the UAE and throughout the world.
DubaiCoin isn’t the first cryptocurrency to accept by a government. Venezuela’s national coin, the Petro, established in an effort to pay off the country’s debt. This initiative failed because the currency had little worldwide influence and did not address some of Venezuela’s most pressing economic challenges.
DubaiCoin may be unlike any of its predecessors. Due to its booming economy and abundance of natural resources, the UAE enjoys remarkable economic power. The adoption of a cryptocurrency in such a location will have ramifications on the global financial industry.