Just a few months ago, there was mention that Bahrain has completed its draft on regulations of digital currencies. The Arab nation has now finished its final version of the regulations, and there weren’t many corrections they had to make. The country is now officially able to do business with cryptocurrencies. Currently, Bahrain’s list of the regulations are not available anywhere for public access. However, the Central Bank of Bahrain has noted the regulations call for enhanced due diligence. The regulations demand that any company conducting digital currency operations, must educate their clientele. This is not a surprise to us, as many Bahrain officials have come forward as cryptocurrency supporters. Dr. Abdulhussain Mirza, Minister of Electricity and Water Affairs, has stated that blockchain technology is a huge step in the future to find a way to expedite transactions. Bahrain is one of many countries in the region that is looking at future economic gains. Countries that have a huge reliance on oil, to further their economies, have a unique incentive to build technological industries. Saudi Arabia is working with the United Arab Emirates to facilitate cross-border payments. The UAE is another Middle Eastern nation that is taking advantage of blockchain initiatives. Several crypto exchanges have set up shop in Dubai, as it is the hub of Arab finance.
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