Dubai has been aspiring to reinforce its position as a fintech hub. Last month, the Dubai Culture and Arts Authority established the first digital bank for art in the world. ArtBank also launched its own digital currency to boost transaction speed and simplify the purchasing process.
“The Dubai ArtBank initiative marks out Dubai as a pioneer in using technology to extend the reach and impact of art. This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life,” noted Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Vice Chairman of Dubai Culture in an official statement via the Dubai Media Office.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/dubai-to-run-digital-bank-for-buying-art-pieces/