Bahrain invites Indian players to develop blockchain technology

Published on Sunday, 19 May , 2019 124 Views

Bahrain News

#blockchain technology #Reserve Bank of India

Even though the Reserve Bank of India (RBI) has barred crypto assets in the country from using its Regulatory Sandbox (RS), Bahrain’s Central Bank is keen on inviting Indian players to test their solutions in its RS.

Bahrain’s Economic Development Board, a quasi-government agency in charge of economic strategy, investment attraction, and execution of reforms said that besides testing solutions in its central bank’s RS, crypto players can also make the Gulf country a base for expanding their business to the international markets.

UAE, KSA, Kuwait to Enhance Bahrain Fiscal Stability

The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…

The Central Bank of Bahrain (CBB) launched its RS earlier this year to enable blockchain and crypto companies test their solutions on Bahrain’s a digital-savvy population.

The country also offers a range of grants to tech-startups, and also has a zero corporate tax system that makes it attractive for start-ups to set up shop.

David Parker, Executive Director, Financial Services, Bahrain EDB, told BusinessLine that Bahrain wants to invite Indian fintech companies, including crypto players, to facilitate the development of blockchain technology and other financial services, and also to promote the country as a base for fintech players to go international.

“Cryptocurrencies are the future and we can’t ignore that. But I won’t go far to say that Bahrain is a crypto island. We are early adopters and we are cautiously pro-crypto. The CBB has handled this very well, and we have strong anti-money laundering and consumer protection laws,” said Parker, adding that crypto-assets can test their products and solutions for a period of nine to 12 months.

So far, six crypto firms are a part of the RS, and one company, Rain, has already graduated and is awaiting a licence to operate.

Singapore-based crypto and blockchain company Belfrics, founded by Praveen Kumar, is currently a part of CBB’s sandbox.

eazyNet’s biometric payment network adds GPS as its latest member

Eazy Financial Services B.S.C. (Eazy), the Bahraini Fin-Tech company and provider of the first biometric payment network in…

Keywords: blockchain technology Reserve Bank of India
Category Bahrain News | 2019/05/19 latest update at 9:00 PM
Source : Internet | Photocredit : Google

125 Views
Comments Add comment

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.