Bahrain to allow companies using cryptocurrencies to work in the country on a trial basis
- Bahrain will allow 28 companies using cryptocurrency to work in the country within a regulatory sandbox.
- If the experiment works out, then Bahrain may become the next big blockchain hotspot as the cost of business operations in the country are relatively low.
Bahrain has taken the first step towards regaining its foothold as the Middle East’s financial hub by allowing companies using cryptocurrency to work in the country on a 9-month trial basis. Dalal Buhejji, business manager at Bahrain’s Economic Development Board, said that she is sure that the central bank will issue regulations soon. Buheji added that the central bank will allow companies "to test their solution on a limited number of users, with a limited number of transactions.”
28 companies have been chosen to work within this regulatory sandbox. One of those companies is SprinkleXchange, a blockchain-based IPO(initial public offering) platform. If this experiment works out, then Bahrain may become the next big blockchain hotspot as the cost of business operations in Bahrain is comparatively lower than in other nations in the region.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
