According to the Dubai Government, the Dubai Coin, a digital currency could be used for purchasing goods is a scam.
A website was created and was used for stealing personal information from its visitors. After a relaunch, the Government stated that the Dubai Coin, Cryptocurrency was fake and it is not backed by any official authority.
The value of the Dubai Coin rose from 14-fold from below $0.09 per coin on Tuesday to as high as $1.35 on Wednesday.
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