Crypto-adaptation: Bahrain gives Bitcoin a Chance

the Bahrain is Bitcoin (BTC) a Chance. The Central Bank of the country has published a test environment. In this regulatory Sandbox crypto and Blockchain - companies the opportunity to get your company compliant to design.

By Phillip Horch
22. February 2019BTC$3.955,29 0.90%Facebook Twitter LinkedIn xing mail

Bahrain is not necessarily the first keyword that comes to mind when it comes to Bitcoin, Altcoins, and Blockchain technology. That should change soon, however. Because of the 30-island-state in the Persian Gulf, has now launched a "regulatory sand box" [Sandbox] to provide crypto-companies the Chance to let off steam.

As Bloomberg reported on may 20. February that the state wants to position itself in the "new" sector of the Blockchain-industry, among other things, the economy in the country. The Central Bank, whose currency is currently the Bahraini Dinar makes work on a framework to crypto-currencies to provide the necessary regulatory environment.

Regulatory Sandbox is to open up opportunities for companies

With the new deal, the regulatory Sandbox, the Bank provides the company the opportunity to work for nine months on a trial basis. Accordingly, the managing Director of the Central Bank, Dalal Bujhejji told Bloomberg that the current Initiative undertakings the possibility to test their solutions, "with a limited number of users and a limited number of transactions".

As reported, the magazine, wants to counteract the country with the current thrust of the economic difficulties of the country. Following a slump in crude oil prices in 2014, the state was forced to accept help from outside. Then the allies a total of ten billion of US had says dollars in aid.

Read also: A short history of Bitcoin nodes: Germany is a Full-Node-Vice world champion

Blockchain in Bahrain

Recently, Bahrain had made in January. The state launched an Initiative to have University diplomas on the Blockchain. By the immutability of the digital accounts manual and automatic Verifiability through Smart Contracts it is hoped that this forgery in documents.

in September 2018, the Kingdom also decided that the Blockchain technology songs in the infrastructure of the country. Here, it is mainly in the areas of Cybersecurity, and the decentralised management of administrative processes, to enhance the technology and optimize.

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