Bahrain has shown increasing interest in digital currencies as a viable method of national currency. The Bahrain government is hoping that this bold move will place the country at the forefront of cutting-edge financial technology. The idea was widely met with enthusiasm from Bahrainian officials to the people themselves.
According to the chief executive of the Economic Development Board of Bahrain, Khalid Al Rumaihi, Bahrain has been considering the blockchain sector for some time now. Bahrain is hoping to issue bonds in digital currency as well.
A prominent Hindu business site has reported that Bahrain will implement a regulatory sandbox for bitcoin which will allow them to explore blockchain technology first before committing to currency. Rumaihi stated that other countries like South Korea and the United Kingdom are also looking into digital currency option and emphasized that this is not a future endeavor, but that this process is already happening.
Bahrain has already implemented the regulatory sandbox. According to sources, four businesses have applied to take part, but of these four only two were approved.
Rumaihi stated that a national adoption of blockchain technology is sure to make their country a prospering leader in this growing ecosystem. He also added that the entire world would soon be disrupted by blockchain technology.
The Bahrainian government firmly believes that blockchain technology has the potential to unlock a whole new generation of financial transactions via the internet. Blockchain technology has the power to completely change the fiduciary landscape as we know it today.
Bahrain is not alone
Many other countries have been looking to blockchain technology to stay ahead of financial trends. Several other Middle Eastern and Gulf states have expressed interest in implementing blockchain technology into their national currency. The United Arab Emirates (UAE) particularly have stated that they hope soon to benefit from the new crypto-financial technology.
Several of the Middle East and the Gulf States are currently in the process of actively employing fintech regulators to help the country grow and become stabilized in this new area of financial technology.
A prominent Arabian business site has also confirmed that several of the Gulf States, including the UAE, are currently developing a regional fintech ecosystem. In addition to this, the financial free zone the Abu Dhabi Global Market (ADGM) has recently announced its plan to establish a fintech regulator and sign cooperation agreements with dominant fintech players.