Bahrain examines viability of digital currency
Bahrain is examining the viability of digital currencies. Chief executive of the Economic Development Board Khalid Al Rumaihi said the country’s finance ministry is keen on adopting digital currencies and had even suggested that Bahrain could issue bonds on a digital currency. Rumaihi said Bahrain was open to Bitcoin, adding that a regulatory sandbox was the proper way for the island country to allow experimentation in a controlled environment. The Bahrain Central Bank had recently put in place a regulatory sandbox. Four companies applied so far, and two had already received approval. Rumaihi also said that a Bitcoin company from Saudi Arabia was looking to establish a Bitcoin exchange in Bahrain. The country’s Arab Banking Corporation had joined the R3 distributed ledger consortium, becoming the first bank in the Middle East and North Africa region to join the group.