Dubai currently does not have any official cryptocurrency.
That's according to the Dubai Media Office, which alerted that the Dubai Coin cryptocurrency was "never approved by any official authority".
The authority explained that "the website promoting the (Dubai) Coin is an elaborate phishing campaign that is designed to steal personal information from its visitors".
Dubai Coin cryptocurrency was never approved by any official authority.
— Dubai Media Office (@DXBMediaOffice) May 27, 2021
The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors. pic.twitter.com/Q0HBXfqaDO
Dubai Silicon Oasis-based company Arabian Chain Technology, which was reportedly behind the launch of DBIX, took to its Twitter account to deny its association.
“We haven’t made such an announcement, please be cautious. Also this website, dub-pay.com/en/ is fake and [a] scam. Please be careful,” the tweet read.
The digital currency, which was relaunched following a trial in 2017, has been gaining a lot of attention on the trading circuit, jumping from around $0.17 to up to $1.13 in a matter of days.
It was touted to replace traditional cash and work for online transactions.
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