Bahrain Are Setting Up For A Crypto Adoption Overhaul
The Kingdom of Bahrain is an island nation of the Middle East. Home to around 1.23 million people and a very forward thinking population. Interestingly, Bahrain has a very powerful political position as a result of its location, therefore, cryptocurrency adoption in Bahrain could turn out to have a very significant impact. According to nationsonline.org:
âBahrain's small size and central location among Persian Gulf countries require it to play a delicate balancing act in foreign affairs among its larger neighbors. Facing declining oil reserves, Bahrain has turned to petroleum processing and refining and has transformed itself into an international banking center.â
According to new reports, Bahrain is in the midst of entering a very pro cryptocurrency and blockchain era, one that is viewing cryptocurrency bullishly and optimistically. Rain Financial are set to open the countries first cryptocurrency exchange that will be licensed by the Bahrain Central Bank. The aim of the exchange is to create a new platform for cryptocurrency investment on both a retail and institutional scale, opening up the gates to new waves of cryptocurrency adoption in the country.
According to ameinfo.com:
âRain Financial has opened its public waiting list after a year in the Central Bank of Bahrainâs fintech sandbox. Co-founded by Saudi blockchain consultant Abdullah Almoaiqel and Egyptian investor-turned-meetup organizer Yehia Badawy, along with their business partners Joseph Dallago and AJ Nelson, Rain aims to offer both a brokerage for retail crypto investors and an institutional platform along the lines of Coinbase Pro in Silicon Valley.â
This isnât the only major movement taking place in the country. Furthermore, according to ameinfo.com:
âPrivate investors in Bahrain hope to launch a $100 million fund dedicated to financial technology, according to a government official quoted by the India-based Economic Times (ET). In May a $100 million fund of funds was launched by the Development Bank of Bahrain to focus on financing start-ups in Bahrain and its neighboring states. Bahrainâs central bank has also set up a division dedicated to regulating the fintech sector and emerging sectors such as cryptocurrency and artificial intelligence.â
Bahrain fostering blockchain
Itâs clear that Bahrain are now starting to foster blockchain technology and are very serious about entering the cryptocurrency industry on a mass scale. With involvement from the central bank and other authorities, we can expect that this country will continue to promote crypto as a good and useful asset. Itâs big news for those in Bahrain and moreover, given Bahrainâs political and geographical dominance, it could mean very big things for cryptocurrency adoption in the Middle East on the whole.