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Bahrain will become a Middle East pioneer in the blockchain

Bahrain, one of the largest oil-producing countries in the UAE, is turning into digital currencies within its financial structure.

01.Oct.17 2:03 PM
By Daria Zaytseva


Bahrain will become a Middle East pioneer in the blockchain

According to Khalid Al Rumaihi, the chief executive of the Economic Development Board of Bahrain, the adoption of digital currencies in the Bahrain system was eventually proposed through the ministry of finance of the country. This has lead to a conclusion of the issue of "bonds for the digital currency."

Bahrain wants to become a pioneer in the burgeoning fintech space and according to Rumaihi, the national implementation of Blockchain technology will be a key factor of this.

Rumaihi said that Bahrain was "open to Bitcoin" in response to a request made at the MIT Innovation Forum last Wednesday in Manama. By adding to being open to cryptocurrencies and their potential in the country, a regulatory sandbox is a key that allows experimenting in a controlled environment, such as an island country.

Furthermore, the Bahrain Central Bank recently put in place a regulatory sandbox. So far, four companies applied, and two had already received approval.

An opportunity for a partnership with an established Bitcoin company from Saudi Arabia has opened its doors for Bitcoin exchanges in Bahrain. Rumaihi said that they are working with the Central Bank of Bahrain in the proposal.

Last month, the Arab Banking Corporation, also known as Bank ABC, based in Bahrain, joined the consortium R3 with a distributed register, becoming the first bank in the Middle East and North Africa region to join the group.

The change of digital currency in the Middle East is seen on a positive note that any country can develop into a more advanced country.

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