DubaiCoin Purchase In India: How To Invest DubaiCoin And Is It Safe?

Cryptocurrency is the buzzword today, especially for Bitcoin and Dogecoin traders. At the same time, there's a new player in the market that you should know. DubaiCoin is (DBIX) is based on a public blockchain and is the latest crypto trading on a select number of exchanges. If you're looking to trading in crypto, here's everything you need to know about DubaiCoin, including purchasing details from India.

DubaiCoin Explained

Dubai is the latest country to jump the crypto bandwagon with the new DubaiCoin. Within 24 hours of its launch, DubaiCoin has risen by 1,000 percent. What started with just USD 0.17 has spiked to USD 1.13 within just a few hours. Despite its name, the government of Dubai has officially confirmed that it hasn't approved the new crypto with any official authority.

To note, Arabianchain Technology launched DubaiCoin based in the UAE, claiming to be the first cryptocurrency in the Arabic World. Right from the start, DubaiCoin claims to be different, allowing transactions for a wide range of products and services both online and offline. Despite its promises, DubaiCoin is still not recognized by the government.

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. pic.twitter.com/Q0HBXfqaDO

— Dubai Media Office (@DXBMediaOffice) May 27, 2021

That said, Arabianchain has said that the city of Dubai is regulating its price. For all we know, the government of Dubai could approve the new DubaiCoin as the digital currency of the country - although these are mere speculations right now. If approved, DubaiCoin could be something similar to the official digital Yuan present in China.

How To Invest In DubaiCoin In India?

DubaiCoin seems to be on a sharp rise, spiking 1,000 percent soon after its launch. Naturally, traders and crypto miners would like a piece of this cake. However, DubaiCoin is still unavailable on any major exchange. Presently, it is available for exchange at HitBTC and Cryptopia at the time of writing. That said, interested traders can get DubaiCoin by exchanging it for Bitcoin or Binance Coin at exchanges where DubaiCoin is available.

Like all crypto, it's best advised to research the digital currency before investing in it. This applies more to DubaiCoin as it's fairly new and seems to be very volatile right now. Moreover, the Dubai government hasn't officially sanctioned it, which could further make its value drop. Those looking to invest in DubaiCoin in India are advised to research its legitimacy before going ahead.