Dubai Coin cryptocurrency is 'phishing' scam, government warns

Twitter

Dubai currently does not have any official cryptocurrency.

That's according to the Dubai Media Office, which alerted that the Dubai Coin cryptocurrency was "never approved by any official authority".

The authority explained that "the website promoting the (Dubai) Coin is an elaborate phishing campaign that is designed to steal personal information from its visitors".

Dubai Silicon Oasis-based company Arabian Chain Technology, which was reportedly behind the launch of DBIX, took to its Twitter account to deny its association.

“We haven’t made such an announcement, please be cautious. Also this website, dub-pay.com/en/ is fake and [a] scam. Please be careful,” the tweet read.

The digital currency, which was relaunched following a trial in 2017, has been gaining a lot of attention on the trading circuit, jumping from around $0.17 to up to $1.13 in a matter of days.

It was touted to replace traditional cash and work for online transactions.

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 11:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.

On Dubai Eye

  • Helen's Postpartum Struggles

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!