A month ago in Dubai, a member of the crypto exchange was arrested, who stole more than 200 thousand dollars in tokens. The man managed to bypass the software and hide the transactions for some time. Henceforth the grounds for such situations will no longer arise – the city creates a digital bank that works on the blockchain.
At the moment, the Bank has no analogs in the world. The institution will deal with the financing of transactions for the sale of art objects, using only its own token. This was reported by the deputy head of the Department of Culture and Arts of the Emirate of Dubai Latifa bint Mohammed bin Rashid al Maktoum.
I am sure that such an initiative will help the integration of art in the digital world and inspire the development of a flourishing creative ecosystem. In addition, the creation and launch of local crypto-currencies, undoubtedly, positively affect the strengthening of the economy of the Emirate.
This is not the only digital project that was initiated by the Department of Culture and Arts of the Emirate of Dubai. The country is also developing a universal platform of a regional and international level. Its goal is to give representatives of the arts sphere the opportunity to cooperate with each other.
Dubai ArtBank is aimed at creating intelligent cities of the future. Given the favorable attitude towards the blockchain, there are no doubts in the prospects of his ideas.
On 11 April Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister and Vice-President of the United Arab Emirates, announced the launch of the blockchain strategy “UAE Blockchain Strategy 2021”, the implementation of which is planned until 2021. The goal is to become a world leader in the use of new fintech-technology.
Sheikh Mohammed believes that the widespread implementation of the blockchain will save the country about 11 billion dirhams (about $ 3 billion) for reducing excess labor resources and reducing the volume of paperwork.
“The introduction of this technology will positively affect the quality of life in the UAE and will improve the level of well-being for citizens. By 2021, half of the state contracts will be concluded with the help of blockade technology, “the Emir of Dubai noted. “This technology will save time, effort and resources and allow people to carry out most of the transactions in a timely manner, which will correspond to their rhythm of life and work”
The blockchain-strategy is based on four fundamental principles: “the happiness of citizens and residents, the effectiveness of the government, progressive legislation and large-scale entrepreneurial activities.”