Connect with us

Cryptocurrency

DubaiCoin Phishing Scam Illustrates CBDCs are Future of Finance

Published

on

Dubaicoin - Investors King

Last month, the cryptocurrency DubaiCoin increased in value by a factor of ten after a press release was posted on a website named DubPay, saying that it was an official currency of the jurisdiction. Shortly thereafter, the Dubai Electronic Security Centre debunked the claim as a phishing scheme, and that the cryptocurrency was not associated with the government.

“What we’re seeing here is that bad actors see the writing on the wall: CBDCs are the future of finance. It appears that they attempted to brand DubaiCoin as something of a partnership between the public and private sector — an early stage beta test of how a CBDC would operate, if you will,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. “Of course, none of it was real. What’s notable is the use of a story involving a CBDC. From the reaction they received, it is clear that many investors see CBDCs as the wave of the future, and, while this DubaiCoin scam wasn’t for real — CBDCs are most definitely real. They are, perhaps, the most worthwhile trend in fintech to keep an eye on.”

The false statement from DubPay claimed that:

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. Circulation of the new digital currency will be controlled by both the city itself and authorised brokers.

“The increase in price, from $.09 to over $1 per DubaiCoin, was newsworthy, especially as other cryptocurrencies were falling that day. That rise, though, isn’t just fake news. The rise is a testament to the strength of CBDCs and the number of people who want to get in on them. This race to develop a CBDC, which China is leading right now, could be the 21st Century’s equivalent to a race to the moon,” said Gardner.

@DXBMediaOffice tweeted that the “Dubai Coin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.
On the other hand, Arabian Chain Technology, the company behind the cryptocurrency also denied involvement in the statement, saying “We haven’t made such an announcement, please be cautious. Also this website, dub-pay.com/en/ is fake and [a] scam. Please be careful.”

“The Bahamas has already issued a digital currency, but China is the leader in this race, as far as major powers go. They are already testing their e-yuan extensively. But, you can bet that the EU, Britain, and the United States are all studying this development and looking at the best way to develop and implement their own CBDC,” opined Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“We’re already working with some of the big banks to pilot test their technology infrastructure to make sure that they’re prepared for whatever comes. The emergence of CBDCs, which is still a ways off in countries like the United States, is something that is coming. However, banks, brokerages, payment processors, and financial institutions are all going to need to develop additional infrastructure to support it. That race is already underway,” said Gardner.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Cryptocurrency

Nigeria Leads Africa in Crypto Adoption as Investors Anticipate Market Rebound

Nigeria overtakes Kenya to claim the first position as the leading country with crypto adoption rate in Africa

Published

on

Dollar Cryptocurrency - Investors King

Nigeria overtakes Kenya to claim the first position as the leading country with crypto adoption rate in Africa. 

Investors King learnt that Nigeria leads other African countries in cryptocurrency adoption so far in 2021. Nigeria which is also Africa’s largest economy ranked 11th in the world position. 

Other African countries on the world list include Morocco which came 2nd in Africa and 14th in the world.

Kenya which led the African continent in 2021 was ranked 3rd in Africa and 19th on the global list. 

The ranking which was conducted by Merchant Machine used five different indexes which include; On-chain cryptocurrency value received at centralized exchanges, On-chain retail value received at centralized exchanges, Peer-to-peer (P2P) exchange trade volume, On-chain cryptocurrency value received from Defi protocols, and On-chain retail value received from Defi protocols. 

The report further stated that despite the ban on cryptocurrency-related transactions by the Central Bank of Nigeria (CBN), about 33.4 million Nigerians still traded or hold crypto assets. 

Millions of Nigerian youth have taken to cryptocurrency in recent years either as a way to attain financial freedom or to hedge against the downward pressure on the naira.

Google trend ranked Nigeria as the country with the highest number of bitcoin searches in the world. 

The challenging economy and the high rate of unemployment which the National Bureau of Statistics (NBS) has put at 33.3 percent have made many Nigerians take to cryptocurrency as an alternative way of revenue not minding the volatility risk. 

Besides, some Nigerians have found employment opportunities in the cryptocurrency industry either as cryptocurrency content writers, blockchain developers, cryptocurrency influencers or NFT creators.   

Meanwhile, many cryptocurrency investors believed that bitcoin and a host of other digital assets are trading at discounts.

Although bitcoin is trading below 20,000 dollars at the time of this report, many cryptocurrency investors, however, believed that the market will soon rebound. 

Continue Reading

Blockchain

Blockchain: Lekki Free Trade Zone Partners Gluwa to Create Virtual Free Zone

Lekki Free Free Zone Development Company (LFZ) is collaborating with a California-based blockchain company, Gluwa to create a virtual free zone within the Lekki corridor. 

Published

on

blockchain - Investors king

Lekki Free Free Zone Development Company (LFZ) is collaborating with a California-based blockchain company, Gluwa to create a virtual free zone within the Lekki corridor. 

Both companies are looking for ways to explore blockchain technology for the use of trade collaboration, growth and sustainability among companies that operate within the Lekki Free Trade Zone.

LFZ head of innovation and special projects, Mr Tomiwa Idowu disclosed that the initiative will be a tripartite project between LFZ, Gluwa and the Nigeria Exporting Zone Processing Zones Authority. 

Tomiwa Idowu said that the partnership, when finalised, will create a dashboard for the tokenization of goods into non-fungible tokens (NFTs) and provide digital asset-backed loans for new and existing enterprises that are looking to fund operations and/or expand their businesses. He stated that the project will be similar to the integration of Opeansea and Compound. 

Non-fungible tokens often abbreviated as NFTs are unique digital assets which can be bought, sold or borrowed. 

Idowu further stated that he is overwhelmed with the partnership and looks forward to the possibilities and prospects it will bring to Lagos State. 

He went further to commend the Lagos State Governor, Babajide Sanwo-Olu as a beacon of progress and hope not only for Lagos State but the nation in general. 

“Our Governor has always been a firm believer in fast-paced development, which involves using technology to leap-frog bureaucracy and going straight to solving immediate problems”. He said.

Gluwa Chief Executive Officer (CEO), Tae Oh disclosed that he anticipates the partnership with the Lekki Free Trade Zone which is the most developed free zone in Nigeria. He noted that its proximity to Dangote Refinery and the Lekki Deep Sea makes the zone ideal for partnership. 

Incorporated in 2014, Gluwa is an open-source platform powered by blockchain technology to connect global capital to emerging market investment opportunities. Gluwa launched its stable coin in 2016 and has acquired more than one million borrowers. 

Continue Reading

Cryptocurrency

Cryptocurrency Exchange Platform Luno, Adds Two Digital Currencies Solana And Cardano To Its Portfolio

Luno adds two new digital currencies Solana (SOL) and Cardano (ADA) to its portfolio

Published

on

Luno Exchange - Investors King

Luno, a digital currency exchange facility that offers clients a technology platform to store and trade cryptocurrencies, has expanded its crypto offerings by adding two new digital currencies Solana (SOL) and Cardano (ADA) to its portfolio.

The company disclosed that following these new additions, users can now trade Cardano (ADA) on the Luno app and website, alongside its existing cryptocurrency offerings.

It further disclosed that Solana (SOL) will be made available on the platform from next month October to enable users trade the digital asset.

Cardano (ADA) is reportedly one of the biggest cryptocurrencies by market cap, which has been described as the third-generation blockchain following Bitcoin and Ethereum which are known as the first and second generation blockchain.

Also, Solana (SOL) has been described as one of the best-performing digital currencies in recent years, known to have one of the fastest blockchain in the world and the fastest growing ecosystem in crypto.

Speaking on the company’s latest addition of the two new digital assets to its platform, General Manager for Africa at Luno Marius Reitz said, “As big advocates of building for the long term, we believe it’s important to give customers access to newer crypto applications that have a promising future.

“Now, not only do customers have access to ADA and SOL, but they also have the peace of mind that comes with the rigorous security that customers rely on from Luno.

“In a world that can look complex, we want to break down the complications around cryptocurrencies to make it easy for people to buy, send, store, and learn about.

“Customers don’t need to make one large investment to get started but can build and grow their investment over time through smaller amounts – similar to how they make contributions to their pension for example.”

Reitz concluded by saying, while the two added digital assets Cardano and Solana meet Luno standards for safety, however, being listed on the platform is not an endorsement of its future potential as an investment, noting the fact that investors are always advised to conduct their research.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending