JAKARTA - In the midst of cryptocurrency, a technology company from the United Arab Emirates (UAE), Arabianchain Technology, officially launched DubaiCoin (DBIX) as an alternative means of payment. The new cryptocurrency is claimed to be the first blockchain-based public cryptocurrency in the Middle East.
Cited from BusinessToday, the company said that DubaiCoin could be used to buy various products and services available online and offline. DubaiCoin can be used as a substitute for traditional currency.
Meanwhile, the circulation of crypto money is controlled by residents of the city of Dubai and official brokers. This makes DubaiCoin somewhat different from other cryptocurrencies.
"The circulation of the new digital currency will be controlled by the city itself and the official broker", Arabianchain Technology said.
In the case of DubaiCoin mining, it will make the coin price unstable. However, the city of Dubai itself is currently setting the price.
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This is what makes DubaiCoin get support from the central bank. Even though it can be mined, DubaiCoin is more like a digital Yuan than a typical cryptocurrency.
According to a Crypto.com report, DubaiCoin has a supply of 4.263.172.051 DBIX. DubaiCoin starting price is selling for USD 0.040007 US dollars (around IDR 572). DBIX is up 2.10 percent in the last 24 hours.
By the time this news was written, on Friday, May 28, 14:25 p.m. local time, the DBIX price was in the range of US $ 1.13 (around IDR 16.157) according to data from Crypto.com. For more complete information regarding DubaiCoin, users can visit the official arabianchain.org page.
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