Dubai To Launch DubaiCoin, Its Digital Coin

The City of Gold is launching its cryptocurrency. It has been announced that Dubai will release its digital coin called DubaiCoin, which customers can use for both online and physical transactions.

According to a press release, the starting price for the coin will be $0.17 and is intended to replace the city's regular bank-backed currency.

However, unlike other cryptos which are out of anyone's control, the circulation of the DubaiCoin will be controlled by the city's government and authorized brokers.

Dubai, which transformed from an ordinary port and successfully established itself as a global hub for business activities and one of the most luxurious places in the world, has constantly sought to play an important role in the future of global finance and trade, translating into the creation of the world's first blockchain-powered government.

As the world is increasingly becoming interested in digital assets and crypto, Dubai is set on getting a slice of the pie. All over the world, major countries are acknowledging the force that is a cryptocurrency and has even started to develop theirs to get ahead of the surge and Dubai isn't any different.

 According to Muhammad Chbib, the former CEO of Tradeling, suppliers have been changing their minds about the benefits of digital sales tools, and buyers have been looking into newer ways to navigate third-party supply chain service providers. More vendors are also going digital, and so is the supplier diversification for working for them, as digital commerce opens up new ways for vendors to make sales.

As revolutionary as DubaiCoin seems, it is however not the first time a government has tried its hand on government-banked crypto. In 2018, the Venezuelan government launched its currency, the Petro. 

The petro's pre-sale began for about a month, from the 20th of February 2018 until the 19th of March 2018. About $3.3 billion was raised in this pee-sale, and 38.4 tokens were released. Eventually, the digital coin was stopped as it didn't stir up enough attention in the country and the world.

Considering that Dubai has greater economic strength and more backing from the world at large, it is highly probable that it will count on success as compared to Venezuela. The city is in the best position to introduce a new digital coin to the world.

For more information on how you can trade and invest in the coin, click on the website.