Dubai Coin Sees a Huge Rise in Market Value

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The cryptocurrency sphere is dominated by decentrentalised coins like Bitcoin and Ethereum, but recently Dubai’s own cryptocurrency DubaiCoin saw a huge rise in price. A jump in market value amounting to around 1000% in 24 hours is a staggering increase and one that hasn’t gone unnoticed.  __________________________________________________________________________________________________ Many crypto comparison sites are now highlighting trading platforms that offer DubaiCoin— __________________________________________________________________________________________________ The trading platform Livecoin is one of those. You can read users’ Livecoin reviews on comparison sites to get an understanding of this new and innovative exchange. Crypto exchanges offer more details about coins as well, with full details regarding DubaiCoin; details such as it was launched by the United Arab Emirates (UAE) and is based on Arabianchain Technology.  __________________________________________________________________________________________________ DubaiCoin presents an exciting opportunity, as it's the first public blockchain-based digital currency in the Arabic world. The fact it’s a public blockchain means people will be able to generate their own DubaiCoin by mining them, much like we see with other major currencies like Bitcoin (BTC).  __________________________________________________________________________________________________ What happened? __________________________________________________________________________________________________ On Wednesday the value of DubaiCoin was way down at $0.17, but shot up to $1.13 on Thursday, May 27th. This kind of rapid increase is akin to many other coins traded within the highly volatile cryptocurrency markets. There is not clear indication as to why the price climbed so much almost overnight, but for now the price remains steady. __________________________________________________________________________________________________ What’s the future of DubaiCoin? __________________________________________________________________________________________________ It’s important to realise that although DubaiCoin appears to be tied to the national currency in some way based on it’s name and the way it has been marketed, it in-fact isn’t. The Government of Dubai stated as much in light of the recent rise in market price, highlighting the fact the coin isn’t regulated by any governmental authority.    Having said that, the statement from DubaiCoin is that the digital currency will soon be used in place of traditional bank-backed currencies. This would mean that the coin could be used to purchase products and services, much the same as the Dirham currently operates. This is a similar idea to what we’ve seen in China, where the official digital Yuan that is currently being tested.  __________________________________________________________________________________________________ Both the Yuan and potentially the DubaiCoin function differently from regular cryptocurrencies, with the coin being controlled by the government and authorised brokers. There are many in the community that feel this is entirely counterproductive, given that cryptocurrencies were created to do away with centralised management of money.    However, blockchain technology is proven to have great value, especially when it comes to fintech and managing funds—far superior to what is currently in operation globally. This isn’t the first time we’ve heard of governments pushing for their own fiat-based digital coin, with rumours coming out of India and Turkey, who both recently moved to ban cryptocurrencies outright. __________________________________________________________________________________________________ Central bank digital currencies are not something many in the community want, but governments see the value in it and know that working with blockchain presents all kinds of benefits; the likes of completing swift transfers of funds, a built in security system, and tracking the illegal movement of money.      China’s ban saw the price of Bitcoin and the vast majority of the cryptocurrency market tumble to the lowest it’s been this year. Without proper regulations, there is a lack of trust between governments and cryptocurrency usage in general. It will be interesting to see if DubaiCoin is allowed to thrive or is shut down before it gets off the ground.