The new crypto currency Dubaicoin saw its value shoot up 1000 per cent in just 24 hours despite the price of other cryptocurrencies continuing to fall. The city’s government has denied any official link, with the authority even claiming it is part of an “elaborate scam”, The Sun reports. A statement tweeted by the media office of Dubai’s government said: “Dubai Coin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.”
The response from the Dubai government comes after a statement circulated last week via a website call DubPay, claiming dubaicoin had been named the official digital currency of Dubai. ArabianChain Technology, the company that founded the coin, claims to offer the “first public, decentralised and consensus-driven blockchain in the MENA region”.
Dubai authority again denied the fact. Dubai's official crypto currency claimed DubPay website was fake. “We haven’t made such an announcement, please be cautious. Also this website: http://dub-pay.com/en/ is fake and a scam. Please be careful,” said in a tweet. Please leave to a tip and a like. You can also check my blogs. Have a great day follow me so that you'll get notified whenever I post.
