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Dubai Government Warns Against DubaiCoin Cryptocurrency Scam

The price of DubaiCoin rose from $0.09 to $1.13 within just 24 hours after a press release claimed it would be Dubai’s official cryptocurrency.

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dubai government warns against dubaicoin cryptocurrency scam

Cryptocurrency investors have been facing some serious challenges lately. Prices of all major cryptocurrencies have been falling steadily ever since Elon Musk drew attention to Bitcoin’s energy consumption in a series of tweets, ultimately announcing Tesla’s decision to stop accepting Bitcoin as a payment method.

Watching their cryptocurrency portfolios deflate at an alarming rate, many investors have been turning their attention to various alternative cryptocurrencies and tokens of questionable value and origin, hoping that at least some of them will skyrocket in value.

This perhaps explains why a cryptocurrency called DubaiCoin increased by more than 1,000% after just 24 hours since its creators published a press released on a website called DubPay (website no longer available) and managed to get it listed on PR Newswire. Another reason for DubaiCoin’s short-lived success was certainly the fact that the press released claimed that it would become Dubai’s official digital currency.

“DubaiCoin will soon be able to be used to pay for a range of goods and services both in-store and online, with the clear intention for the coin to be used in place of traditional bank-backed currencies,” the press release said. “Circulation of the new digital currency will be controlled by both the city itself and authorized brokers.”

Also Read: The Top 3 Altcoins To Keep An Eye On In 2021

The price of DubaiCoin rose from $0.09 to $1.13, and it would likely continue to climb even higher if it wasn’t for Dubai’s government decision to issue a tweet in which they called DubaiCoin an elaborate phishing scam designed to steal personal information from its visitors.

The company responsible for the creation of DubaiCoin, ArabianChain Technology, has also used Twitter to publicly deny all claims made in the press release. Victims of the scam have rushed to social media calling for actions to be taken against online publications that were quick to promote DubaiCoin as Dubai’s “official cryptocurrency” without validating the source of the news.

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Lebanese Newspaper Builds AI President To Beat Political Crisis

The move by media outlet AnNahar comes after 13 failed attempts by the Lebanese parliament to elect a new leader.

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lebanese newspaper builds ai president to beat political crisis
OurPresident.ai

In a world first, Lebanon’s AnNahar Newspaper has built an artificial intelligence model designed to carry out presidential duties for the politically troubled country. Lebanon has been without a sitting president for two years after thirteen failed attempts by the nation’s parliament to elect a suitable candidate.

The new AI President’s deep learning algorithm was fed over 90 years of impartial journalism from AnNahar’s archive stretching back to the 1930s. The AI leader analyzes not only historical data but also current events and is able to formulate solutions for all manner of political, legal, and governmental questions. By tapping into such a vast knowledge base, Lebanon’s AI President will have a deep understanding of the country’s past, as well as an unbiased take on the challenges the nation faces going forward.

lebanon our president ai platform annahar

The new AI President was unveiled in a recent live broadcast. Nayla Tueni, editor-in-chief of AnNahar Newspaper conducted an interview with the digital leader, asking relevant questions about the current state of Lebanon, and how to fix the country’s difficult political situation. AnNahar has also converted its print newspaper to focus entirely on the new president’s guidance on issues spanning everything from the economy to sustainability and the environment.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

After the interview, Nayla Tueni commented: “As Lebanese people, and especially at AnNahar, we refuse to sit back and allow things to go on as they have. To not have a president for this long is unacceptable and has impacted the country negatively. If the parliament will not do its job to elect a president, then the people will bring to Lebanon a president”.

The AI President will soon be accessible to everyone at OurPresident.ai, Users will be able to ask questions in a similar manner to the likes of ChatGPT and Google Gemini. It is also understood that government officials will also use the tool to help devise new directives.

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