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Electronic security center warns of scam digital currency DubaiCoin

cryptocurrency

The Dubai Electronic Security Center warned against trading the digital currency called DubaiCoin, warning that it was not officially adopted in the UAE.

According to a tweet published by the Dubai Media Office, the digital currency DubaiCoin has not been approved by any official authority in the country.

The center said that the site, which promotes the DubaiCoin, “is not licensed and aims to phish email information, password and phone numbers of people through an electronic form”.

DubaiCoin

The center confirmed that it issued its warnings based on the fact that the currency constitutes a “fraud”, stressing that Dubai does not currently have an official digital currency.

The warnings of the authorities in Dubai came in conjunction with restrictions that several countries around the world seek to impose on digital currencies and methods of dealing with them, although they are not often considered fraudulent means.

Days ago, Britain banned ads inviting people to buy digital currencies, after the ad watchdog ruled that it was irresponsible and misleading, according to the local newspaper, The Guardian.

The authority received complaints that the ads failed to explain the risks involved in investing and trading in bitcoin, which is not regulated in the UK, and “hence it was deemed misleading”.

The watchdog also received complaints that the ads “captured consumers’ inexperience or naivety”.

A tax on cryptocurrency

Last week, the US Treasury also demanded a tax on cryptocurrency transfers between businesses.

Bitcoin, Dogecoin, Ethereum and other digital currencies have risen in popularity and value over the past year, as a result of the economic turmoil left by the Covid-19 pandemic and the promotion of these currencies by some companies.

The cryptocurrency Bitcoin has fallen to its lowest level this week, taking losses from a growing campaign against it in China and environmental concerns to nearly 40 percent since the beginning of the month.

Bitcoin, the largest cryptocurrency, added to its previous losses, dropping 8.2 percent to $35,339, as it remained in a relatively narrow trading range this week.

The cryptocurrency lost 37 percent of its value in May, and this will be its worst monthly performance since September 2011 if it continues at the same pace.

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