After the false statement, the Dubaicoin rose by 1000% within 24 hours. In the Middle East, the share price of a newly established cryptocurrency rose on Thursday after falsely claiming that it is the official cryptocurrency of Dubai City.

According to reports, the value of the coin called Dubaicoin has clearly increased by more than 1000% in less than 24 hours. The company behind the Dubaicoin is called Arabchain Technology, which claims to be the first public blockchain company in the Arab world.

“Circulation of the new digital currency will be controlled by both the city itself and authorised brokers,” the company said in the press release.

The company said in a press release that Dubai currency will soon be used to purchase goods and services, which indicates that it intends to replace the dirham, the official currency of the United Arab Emirates (UAE). The company added that its value will be regulated by the City of Dubai, which seems to convince many people, but the Dubai government refuted all these demands last night.

Dubai government tweeted from their official Twitter handle that they never approved such a coin. The website promoting the Dubaicoin is a carefully designed phishing campaign designed to steal the personal information of its visitors.

At the time of writing the coin seemed to have disappeared from the website’s listings and also unavailable for trading on any major crypto exchanges.