DubaiCoin (DBIX) a project of Arabianchain technology increased more than 100% in just 2 days.
According to Coinmarketcap, DubaiCoin is currently trading at $24.5 , up more than 100% from price of $12 on 8th January 2018.
Dubai Coin is an Initiative by the UAE government to implement the integration of blockchain technology in the region, UAE is one of the first countries to accept the presence of blockchain technology as they launched their own coin with the name of DubaiCoin in 2016.
Current market cap of DubaiCoin is $45 million, as market cap is increased from $22 million to $45 million in last couple of days.
Arabianchain Technology is a UAE based venture that is unlocking the potential of tomorrow’s economy by enabling today’s blockchain innovation. Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region that allows for self-executing and globally accessible smart contracts and decentralized Apps to be developed, and for digital tokens to be transacted, tracked and safeguarded over a network of thousands of connected yet distributed devices.
ArabianChain Technology is an open source, community-based project with the goal of building a decentralized, consensus-driven, peer to peer, open source, blockchain-based platform for distributed applications. ArabianChain tech will leverage and improve blockchain technology and build a full-featured application platform on top of it.
Rather than giving users a set of predefined instructions (like bitcoin), ArabianChain allows users to create with ease their own instructions of any complexity they wish. In this way, it serves as a platform for many different types of decentralized applications, including but not limited to cryptocurrencies.
Potential is massive
Potential for Dubai coin is massive as this is still an untapped market for Governments, many governments are taking initiatives to adopt the technology , UAE is one step ahead in that case by launching their own crypto currency targeting local users.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share