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DubaiCoin: Dubai's First Cryptocurrency Rose Over 100% Since its Debut

 

Dubai appears to have developed its own cryptocurrency, known as the DubaiCoin (DBIX). It is established on a public blockchain, which means that anyone can mine DBIX to generate their own.  

On May 27, around 4 p.m. IST, it was trading at roughly $1.13, up from the original price of $0.17. According to Crypto.com, the price of the cryptocurrency has increased by over 1000 percent in the last 24 hours.

The city of Dubai, on the other hand, issued a statement late last night denying this According to the official Dubai Media Office, “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.”

Arabianchain Technology, based in the United Arab Emirates (UAE), claimed to be the first public blockchain in the Arabic world when it introduced cryptocurrency. In a press release, the company stated, “DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies. Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.” 

The United Arab Emirates is regarded as being a safe place for cryptocurrency investors but the Dubaicoin, on the other hand, would be distinct from other cryptocurrencies. While mining should make it fairly volatile, and as it is built on a public blockchain, it's unclear what Arabchain means when it says the city of Dubai is regulating its pricing. If the coin replaces (or operates interchangeably with) the Dirham inside the UAE, it may qualify as a central bank digital currency (CBDC). 

Being located in Dubai should provide the coin some stability since Dirham is always stable versus the dollar because of specific international treaties between the two countries. 

Although the Dubaicoin is not exactly CBDC, it is the closest thing to China's official digital Yuan, which is now being tested in the country. Countries such as the United States, India, the United Kingdom, and the European Union are considering digital versions of fiat currencies.

UAE Faces Cyber Pandemic, Cyberattacks In The Middle East On The Rise


The Middle East is suffering a "cyber pandemic" crisis due to coronavirus-themed cyberattacks on the rise this year, says Mohamed al-Kuwaiti, United Arab Emirates government's cybersecurity chief. Moving into a full online life, UAE witnessed an increase in cyberattacks, he further says. The UAE saw a record 250% increase in cybersecurity attacks in 2020. The pandemic compelled companies across the globe to look inside assess their assets, as criminal actors preyed on the digital world. 

"Al Kuwaiti said discussions were ongoing regarding lifting the ban on some Voice over Internet Protocol (VoIP) services in the UAE, such as WhatsApp and FaceTime calling," reports CNBC. Al Kuwaiti says that UAE became a primary target of attacks by the activists when it recently tied formal relations with Israel. Criminals targeted health and financial sectors in particular. The news provides a more in-depth insight into the troublesome cybersecurity challenges UAE and Middle East faces. In these regions, cyberattacks and breaches are prospering; most of these state-sponsored and undetected. According to Al Kuwaiti, various sources were behind this attack. Although the attacks come from all over the region, the main actor is Iran, he says. 

The issue reveals ongoing tension in the area, whereas Iran says that it is a target of cyberattacks. However, the Iranian foreign ministry has not offered any comments on the issue. Al Kuwaiti says that "phishing" and "ransomware" attacks are on the rise; these attacks have become more sophisticated and frequent. In a phishing attack, the hacker pretends to be a legitimate person or entity and steals sensitive information from the victim. Whereas in a ransomware attack, the hacker blocks access to information and demands a ransom from the victim. 

The latest research by cybersecurity firm TrendMicro says government IT infrastructures and critical public systems have become one of the primary targets of hackers globally, with ransomware attacks in the trend. According to the report, "current malicious actors have opted to demand heftier ransoms from targets that are more likely to pay, such as healthcare companies and local governments."