Riding the crypto wave

Bahrain could become a leader in the crypto-currency space with the expected launch of crypto-currency exchanges in the country, according to a senior EDB official  David Parker, Executive Director of Financial Services  at Economic Development Board, said he expects Kingdom to take the lead in crypto-currency and crypto-currency exchange space regionally and even internationally in the future Bahrain, Parker told Tribune, has so far taken all the right steps by allowing crypto-exchanges to test their products in the country.

 “There are a number of crypto-exchanges currently testing at the Central Bank of Bahrain sandbox, he said. “If we can get this right, we can emerge as not only as a regional leader but also an international leader.”

“I think there are so many ways in which Bahrain in terms of its financial industry and its wider economy be embracing blockchain technology for the good of the economy,” he told Tribune.  

Explaining, the goals put forward by EDB in terms of economic diversification, Parker said, “We think blockchain can be right at the heart of that and drive the country’s ambitions in this space. “

He praised the steps taken by the Central Bank of Bahrain in supporting the boom of fintech in the Kingdom. “The central bank has been supportive, and is working towards building regulations to support this.”