Bahrain, a major oil-producing countries in the united arab Emirates, are turning to crypto-currencies as part of their financial structure. According to Khalid Al-Rumaihi, director-general of the economic development Board of Bahrain, the adoption of the digital currency in the system of money of Bahrain has been suggested by the ministry of Finance of the country.
The authorities in Bahrain are open to crypto-currencies
Bahrain wants to become a pioneer in the space Fintech is booming and, according to Rumaihi, the national adoption of the technology Blockchain will be a key factor to get there. Rumaihi said that Bahrain is ” open to the Bitcoin “. Adding that to be open to crypto-currencies and take advantage of its potential in the country, a system of regulation is indispensable to allow for experimentation in an environment such as that of Bahrain. In addition, the central Bank of Bahrain has recently implemented regulatory measures. Four companies have joined so far, and two of them had already received approval.
The ascent will pass through the partnerships with neighbouring countries
Already, in the beginning of the year, Rumaihi said at the GCC Financial Forum in Manama : “the possibility that the technology Blockchain to be adopted at the country level is a great opportunity for Bahrain to position itself as a pioneer in this space. The Blockchain will unlock many opportunities for businesses like newspapers and the Internet years ago. The possibility of a partnership with a company Bitcoin established in Saudi Arabia should certainly promote and accelerate the process of regulation of crypto-currencies in the country. In fact, Rumaihi said that they are working with the central Bank in order to seal the partnership. The collaboration between the two countries will allow the bank to develop innovative financial products for its customers.