Approval of the Dubai Cryptocurrency was never done by any official authority. | MENA startups, innovation, and tech news

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Approval of the Dubai Cryptocurrency was never done by any official authority.
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Approval of the Dubai Cryptocurrency was never done by any official authority.

A new crypto asset entering the Emirates claims to be the formal digital currency, officials sensed caution. The Dubai Electronic Security Centre made an announcement on a late Thursday night saying that the ‘Dubai Coin’ digital currency was never approved by any officials and that the website fostering it was unlicensed, aiming to steal the personal information of people like phone numbers and passwords.

The Dubai Media Office made a tweet from their handle @DXBMediaOffice saying that the website promoting the coin is an elaborate phishing campaign. The alleged new asset was found to be under a cloud after Arabian chain Technology. It was also reported to be engaged with DBIX, the news was rejected.

The Dubai Silicon Oasis-based company later tweeted that they never made such an announcement and that the website dubpay.com/en/ is fake and a scam. They asked people to be cautious. Officials held an investigation against the situation, the Khaleej Times reported.

A press release was held, including local and foreign media, which covered the entire scene where Arabian Chain Technology was claimed to be involved with the launch of the asset. Many trading platforms, including CoinMarketCap, removed the actual price of Dubai Coin which was listed as $ 0.17.

However, the Dubai Coin’s price was listed as $ 1.13 on crypto.com, at 11 p.m. on Thursday, showing a leaping increase of 1,114 percent supply of 4.26 billion and a market capitalization of $ 4.8 for million. While accessing the website at the press meeting, it showed a ‘Blocked URL’ page.

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