Dubai Rubbishes Rumours About Rolling Out Dubai Coin Cryptocurrency

After days of rumors circulating about Dubai introducing its own cryptocurrency ‘Dubai Coin’, the emirate’s government debunked the fake news claiming “it was never approved by any official authority.”

Last week, the ‘Dubai Coin’ listed on cryptocurrency websites and apps claiming to be an official digital currency by the emirate. Scores of investors fell victim to the ‘Dubai Coin’ scam after its creator, the already-defunct ‘Dub Pay’ promoted the coin as the “most exciting cryptocurrency in 2021” along with a bold messaging aiming to replace the US Dollar “as the de-facto global currency.”

After two days, the Government of Dubai Media Office issued a statement debunking the ‘Dubai Coin’ “was never approved by any official authority.”

In addition, they termed Dubai Coin’s creator as “an elaborate phishing campaign that is designed to steal personal information from its visitors.”

Meanwhile, Arabian Chain, the first blockchain in the Middle East, denied any association to the cryptocurrency, warning investors “to be careful.”

Read: DUBAI DENIES RUMOURS OF ALLOWING GAMBLING IN THE CITY

(Photograph credit: Pixabay)

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