Bahrain is the next country in the Middle East that appears set to adopt cryptocurrency. Top government officials say the nation wants to become a hub for Bitcoin and other iterations emerging technology in the region. Thus, there are plans to institute a trial operational framework for cryptocurrency companies in Bahrain while regulators attempt to draft robust regulations for the emerging asset class.

According to Bloomberg, the Bahraini central bank is giving approval to 28 companies under the aegis of its regulatory sandbox. This approval allows Bitcoin and other virtual currency-focused companies to operate in the country on a trial basis that will last for nine months.

Commenting on the development, Dalal Buhejji, the Bahrain Economic Development Board business manager says that the trial framework provides a platform for cryptocurrency firms to test-run their solutions. Typically, such companies will offer their services to a small number of users thus ensuring limited transactions. This mini-market set-up allows all parties involved to understand the intricacies of the industry while minimizing risk.

Source Credit: Blockonomi
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