The UAE will open a digital Bank, using only cryptocurrency

The UAE will open a digital Bank, using only cryptocurrency

A month ago in Dubai arrested a member of cryptocurrency exchange that stole over 200 thousand dollars in tokens. The man managed to get around the software and some time to hide the transaction. Continue reason for such situations will not arise — the city is creating a digital Bank operating on the blockchain.

At the moment the Bank has no analogues in the world. The institution will provide financing for transactions of purchase and sale of works of art, using exclusively its own token. This was announced by Deputy head of the Department of culture and arts of the Emirate of Dubai Latifa bint Mohammed bin Rashid al Maktoum.

I’m sure this initiative will help integrate art into the digital world and inspire the development of a thriving creative ecosystem. In addition, the creation and launch of a local cryptocurrency will undoubtedly have a positive impact on strengthening the economy of the Emirate.

This is not the only digital project, which was initiated by the Department of culture and arts of the Emirate of Dubai. It is also developing a universal platform of regional and international level. Its purpose is to give members of the arts an opportunity to cooperate with each other.

Dubai ArtBank aimed at creating smart cities of the future. Given the favorable attitude to the blockchain, the prospects of his ideas no doubt.

April 11, Sheikh Mohammed bin Rashid al Maktoum, Prime Minister and Vice President of the United Arab Emirates, has announced the launch of blockchain-strategy “Blockchain UAE Strategy 2021”, which is calculated by 2021. The goal is to become a world leader in the use of new FINTECH-technology.

Sheikh Mohammed believes that the widespread adoption of blockchain technology will save the country about 11 billion dirhams (about $3 billion) for reduction of surplus labor resources and reduce the volume of paperwork.

“The introduction of this technology will have a positive impact on the quality of life in the UAE and increase the level of well-being for citizens. By 2021 half of government contracts will be using blockchain technology, said the Emir of Dubai. — This technology will save time, energy and resources to allow people to timely deliver the majority of transactions that will fit their life and work”

Blockchain strategy is based on four fundamental principles: “the happiness of citizens and residents, government effectiveness, progressive legislation and large-scale business activities “.

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