The central bank of Bahrain said on December 13 (local time) that it would announce a cryptographic regime. Bahrain, which is aiming to become a pin-tech leader in the Middle East, showed a move in recent years as the competition for developing block chaining and cipher money is intensifying in the Middle East.
According to the report, the central bank of Bahrain is preparing a regulation on the operation of the cryptographic asset platform through negotiations and preparing regulations on licensing and supervising the cryptographic assets. It also includes measures for consumer benefit, technology standardization, and cyber security risk management.
Bahrain has already expressed its active support for the block chain a year ago. Bahrain’s economic development committee said that it would be a great opportunity for Bahrain for the block-chain technology. The Bank of Bahrain Financial Training Institute (BIBF) said in November that it would develop its own block chain academy and provide programs for block chain technology development and implementation strategies.
Bahrain energy minister Abdul Hussein also said in September that it would be a great step forward in terms of safe and smooth trading practices, such as the block chain, which is a positive outlook for the overall block chain technology.
Recently, the UAE Central Bank and the Saudi Arabian Office have reported that they are planning to jointly issue cryptographic currency that can be used in cross-border transactions between the two countries. UAE Exchange and Ripple, a Middle East financial services company, also reported that they plan to start a block-chain-based remittance service in Asia in the first quarter of next year. According to reports, Bahrain is focusing on PinTech to regain its position as a bank and business center in the Middle East. We have installed a regulatory sandbox and are developing and experimenting with products in virtual space. Regulatory sandboxes help companies to pilot demonstrations of diverse products and services in a real market environment without being limitedly regulated. Competition in the field of cryptography and block chains is becoming more intense in the Middle East. For more information, please click here .