Dubai Launches Its Own Digital Currency DubaiCoin

Arabian Chain Technology has announced the launch of Dubai's digital currency, which could become a full-fledged payment and investment vehicle.

May 25, 2021, | AtoZ Markets – Blockchain startup Arabian Chain Technology has announced the release of its own digital currency, DubaiCoin, which will be used as a means of payment in Dubai stores and will also act as an investment asset.

“DubaiCoin will soon be able to be used to pay for a range of goods and services both in stores and on the Internet, and there is a clear desire to use this coin instead of traditional currencies supported by banks. The circulation of the new digital currency will be controlled both by the city itself and by authorized brokers,” the press release says.

Payment in digital currency is supported by the DubaiPay payment system, which is already used by hundreds of shops, cafes, and restaurants in Dubai. The system also allows you to exchange fiat money for digital currency. At the time of this writing, the value of the coin was about $0.09.

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DubaiCoin creators drew inspiration from Venezuela and China

As the creators of DubaiCoin themselves explain, they were inspired to create the coin by the example of Venezuela and China, which were among the first countries in the world to launch their own digital currencies. However, in the case of Venezuela, the experiment with the implementation of CBDC was rather a failure, as the country's economy suffered a serious blow after the introduction of digital Petro. Despite the fact that the country's government is trying in every possible way to popularize its own digital currency, Venezuelans claim that there is nothing good about using Petro.

Entrepreneurs in the country complain that using CBDC seriously harms business. One of them called Petro "a worthless currency that serves as a shitty subsidy in a depressed economy." In his opinion, if in the near future the government does not resolve the issue of regulating the cryptocurrency within the country, then half of the entrepreneurs will leave the market due to complete ruin.

But the digital yuan has gained wide popularity in China. Already today, Chinese companies have begun to accept CBDC as a means of payment. Many businesses in Xiangcheng, Suzhou have already installed NFC and QR codes to accept digital yuan payments. According to preliminary information, payment in digital yuan will also take place offline.

According to experts, China is doing everything possible to create a real alternative to the US dollar.

“It seems to me that China is pursuing several goals in this case, but the most promising direction is the opportunities that open up for the yuan in terms of its global spread. In fact, the Chinese cryptocurrency can become an intermediary for the yuan, able to spread it around the world for use in everyday transactions. In this sense, the PRC cryptocurrency will become the basis for the internationalization of the yuan," - explained the head of Circle Jeremy Allair a long time ago .

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