Bahrain ex­am­ines vi­a­bil­ity of dig­i­tal cur­rency

Banking Frontiers - - Banking In The Gulf -

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.

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