Dubai Coin cryptocurrency was never approved by any official authority

Dubai does not currently have an official cryptocurrency and the website promoting the digital coin is false, authorities have clarified.

Dubai Media Office took to Twitter on May 27 to clarify that the site promoting the cryptocurrency is an ‘elaborate phishing campaign’ which was designed to scam visitors off their personal details.

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

The false statement was circulated via a website called DubPay reportedly said that DubaiCoin will soon be able to be used for a range of products and services both offline and online and used in place of traditional bank-backed currencies.

Arabian Chain Technology, a UAE-based blockchain company, whose logo and name were misused to issue the statement, took to social media to clarify that the website in question was indeed fake. Further, it sounded caution, advising users to be careful.

“We haven’t made such an announcement, please be cautious,” the company said on Twitter.

We haven’t made such an announcement, please be cautious. Also this website : https://t.co/lgdUlAwxWJ is fake and scam .please be careful.

لم يصدر من قبلنا اي اعلان ، الرجاء الحذر من اي أخبار مزورة او احتيالية . الموقع التالي هو موقع احتيالي : https://t.co/lgdUlAwxWJ

— ArabianChain (@arabianchain) May 26, 2021