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. They recently launched their very own Dubai Coin!
These days there is a lot of talk about this city. This is because this year in October the Expo Dubai will be held. It is a universal exhibition to be the main engine of global economic reactivation. Additionally, Dubai has launched its own digital currency called DubaiCoin with an international starting price of $ 0.17 per unit.
How to use Dubai Coin?
With this new cryptocurrency, you can access both goods and services, either online or in person. The city wants people to use the coin 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. Consequently, it seems to be a good time for the city to launch its cryptocurrency.
In a press release, They said that Dubai seeks to play an increasingly important role in the future of global finance and trade. One of its plans for the next few years is for Dubai to be 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. On the other side, 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 we are at an “inflection point” in the history of money. We face different paths to modernize payments. And as those paths form, 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. In turn, it awakening the interest of institutional investors and companies.