Bitcoin Attack from Bahrain
Bahrain Adopts Bitcoin
Middle Eastern country Bahrain has started to take interest in Bitcoin and cryptocurrencies. Bahrain government aims to be at the highest level in financial technology use. Khalid Al Rumaihi, Chairman of Bahrain Economic Development Board, stated that his country has been interested in blockchain technology for a while and expressed his hope that Bahrain will print government bonds as digital money.
In Bahrain Regulation for the Use of Bitcoin
According to an Indian news site, Bahrain wants to make various regulations to experiment with the transition to bitcoin using blockchain technology.. Rumaihi says that “these regulations are more like the changes that Singapore and the UK are aiming for”. It’s not just a talk. We started this initiative. You can follow this on their website, the application process is very clear and precise.. We are always open to do business.”
Bahrain is really willing to do business in this field. They have recently implemented the necessary regulations. According to information from a news agency, four companies have applied so far.. Two of them were accepted.
Bahrain: A Pioneer in Financial Technology
Bahrain, electronic Excited to experiment with crypto in its own economy to stay one step ahead of everyone else in the currency revolution. They want to be innovative. They want to have high technology. An Arab site quotes Rumaihi’s words as follows:. Rumaihi stated that the country’s adoption of blockchain technology will make the island country a leader in this burgeoning field.
Rumaihi also stated that the entire financial industry will be disrupted by blockchain technology.. Blockchain technology will usher in a new era in online personal transfers, according to the Bahraini Government. They believe that the current monetary system will be completely reshaped. In this regard, it hopes that Bahrain will develop a thriving blockchain ecosystem.
Regional Financial Technology Ecosystem
Besides Bahrain, other Middle East and Gulf countries seem to be planning to create a productive financial technology environment.. United Arab Emirates and other countries in the region hope to benefit from blockchain and crypto-financial technologies. They are in the process of appointing fintech regulators to help the region grow and stabilize with this new technology.
The Arab job site summarized the situation as follows; “Other Gulf countries have announced their plans to develop the regional fintech ecosystem, for example Abu Dhabi Global Market (ADGM), located in the financial free zone of the United Arab Emirates, has announced plans to establish a fintech regulator and has cooperation agreements with fintech companies.
What do you think about Bahrain’s interest in cryptocurrencies? Is this a good thing for the Middle East? Also, is this a good development for bitcoin? You can share your valuable comments with us below.