Bahrain’s interest in cryptocurrencies is increasing, as they are working towards the implementation of a regulatory sandbox for bitcoin to experiment with blockchain technology, in an accounted for environment.
According to the Hindu Business Line, Khalid Al Rumaihi, Chief Executive, Economic Development Board of Bahrain stated: “This (Regulatory Sandbox) is much like Singapore and what UK is looking at. This is not just talk. We have launched it. You can go to the website and application process is clear. We are open for business”.
The Bahrain Central Bank has put in place Regulatory Sandbox regulations, whereby Al Rumaihi specified that two out of the four companies that have applied, received the central bank’s approval in this regard.
Furthermore, the Central Bank alongside Al Rumaihi are working towards the establishment of a Bitcoin exchange in Bahrain, upon the request of a Bitcoin exchange company out of Saudi Arabia.
In fact, Bahrain aims to become an innovator in the fintech space, and that would be achieved, according to Al Rumaihi, by adopting blockchain on a national scale.