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Circulation of the new digital currency will be controlled by both the city itself and authorized brokers. - Arabian Chain Technology
With nations all across the globe, including superpowers like the United States and China looking to develop their own currency and get ahead of the rising surge of interest in digital transactions, it's no surprise to hear that Dubai, dubbed the "City of Gold" is also fixed on making its own digital currency.
Transformed from a sleepy Gulf port into a buzzing hub of business and extravagance in a single generation, the stunning Emirates city has plans to go further in its push to play an increasingly important role in the future of global finance and trade, and its plans for the next several years are firmly focused on DubaiCoin and the goal of becoming the world's first blockchain-powered govt.
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 the traditional bank-backed major national currencies. Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.
DubaiCoin is not the first crypto-currency to be trialled by a country; Venezuela attempted to clear their debts with Petro – their very own currency, which ultimately failed to make a mark in the international community, or on the country's financial woes.
Unlike Venezuela and its coin Petro, Dubai is a city with immense resources and economic strength, and is perfectly positioned to introduce a new backed currency to market. As the coin establishes itself in the cryptocurrency market, it's going to be very interesting to see the value it lands on; with Dubai's spectacular rise to relevance and wealth to-date, it's hard to imagine DubaiCoin not making waves both in the city, and the digital currency world.
For investors and traders looking to get involved in the up-and-coming coin: