Dubaicoin cryptocurrency jumps 1000% in 24 hours after false claims

NEW DELHI: A newly formed cryptocurrency in the Middle East jumped in value on Thursday, after falsely claiming to be the official cryptocurrency for the city of Dubai. The token, called the Dubaicoin, apparently jumped in value by over 1000% in under 24 hours, according to reports.

The company behind the token, called Arabchain Technology, claims to be the first public blockchain in the Arab world. In a press release, it said Dubaicoin would soon be used to purchase goods and services, which suggested that it was meant to be an alternative to the Dirham, the official currency in the United Arab Emirates (UAE). The company added that its value will be regulated by the city of Dubai, claims that seemed to convince many.