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Dubai ArtBank Launches its Own Cryptocurrency

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Dubai introduced a digital bank for art under the guidance of the Dubai Culture & Arts Authority in March. Now, Local newspaper Gulf News, has reported that the ArtBank will issue its own cryptocurrency which can be used by customers to buy art collections. Shaikha Latifa Bint Mohammad Bin Rashid Al Maktoum, Vice-Chairman of Dubai Culture and the daughter of the Vice President of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, said that this initiative will make Dubai the “global art hub”.

Dubai’s leadership firmly believes that art and creativity can make key contributions to enhancing the happiness of society and encouraging a culture of innovation.

The project falls under Dubai 10X which is an initiative that pushes the city towards progress by “being 10 years ahead of other world cities”.

Shaikha Latifa added, “This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life. I am confident that the initiative will help integrate the art industry more closely into the digital world and inspire the growth of a thriving creative ecosystem based out of Dubai.”

Earlier this month, the government of Dubai launched UAE Blockchain Strategy 2021. Sheikh Mohammed said that blockchain technology would improve the quality of life among residents and increase their happiness levels. Moreover, majority of government transactions would take place using distributed ledger technology. “This technology will save time, effort and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work,” said Sheikh Mohammed.

In February 2017, UAE’s financial regulators issued a warning about ICOs, pointing out that many of these fundraising activities were risky. Since ICOs were not regulated by the government, residents were asked to partake in crypto projects at their own risk.

Image Credit: Deposit Photos

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