Do you already know Dubai´s cryptocurrency?

Dubai is considered one of the best cities to live in the Middle East. It is recognized worldwide as one of the most popular tourist destinations, for being luxurious and ultra-modern.

These days there is a lot of talk about this city because this year in October the Expo Dubai will be held, a universal exhibition that has the purpose of being one of the main engines of the global economic reactivation. And also because Dubai has launched its own digital currency called DubaiCoin with an international starting price of $ 0.17 per unit.

What is allowed to pay with the DubaiCoin?

With this new cryptocurrency, you can access both goods and services, either online or in person. The city seeks the coin to be used in place of regular paper money. The circulation of DubaiCoin will be controlled by the city itself, and also by authorized brokers. As the celebration of the ExpoDubai will possibly attract around 25 million visitors, this seems to be a good time for the city to launch its cryptocurrency.

In a press release, it was said that Dubai seeks to play an increasingly important role in the future of global finance and trade, and one of its plans for the next few years is firmly focused on Dubai being the first blockchain-powered government.

Centralized digital currencies: opinions of some experts

Muhammad Chbib is the ex-CEO of Tradeling, an innovative technology company that leads the business-to-business eMarketplace in the Middle East and North Africa (MENA) region.

In an interview, the executive noted that suppliers have been changing their minds about the merits of digital sales tools and buyers have sought new ways to navigate third-party supply chain service providers. 

Today, more and more vendors are going digital so supplier diversification is working for them, as digital commerce opens up new sales opportunities.

For its part, Citi has studied the importance of central bank digital currencies (CBDC). His team of researchers has expressed that worldwide we are at an “inflection point” in the history of money, faced with different paths to modernize payments. And as those paths are carved, different digital form factors will co-exist.

His team also said that the strong global interest in cryptocurrencies such as Bitcoin and Ethereum has fueled the development of digital money, awakening the interest of institutional investors and companies.

Dubai coin
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