Bahrain’s Senior Official Hails Blockchain, Calls for Adoption
However, the oil-rich nation has not declared its stand on the blockchain. Mirza’s sentiments are seen as a major step towards adoption of the blockchain.
Top Bahrain Minister Praises Blockchain
A senior Bahraini government official has praised the blockchain technology. Dr. Abdulhussain Mirza, the minister in charge of Electricity and Water has urged top firms operating in the country to take advantage of the new technology.
Mirza made the remarks while addressing delegates attending the SmartSec Cyber Security and Blockchain Conference. He noted that the technology is a positive growth in enhancing security as well as facilitating transactions. Mirza pointed out blockchain’s versatility to be used in different industries stressing about cybersecurity.
He said the technology might be the solution to ending the rampant cyber attacks. In 2017, cyber attacks affected over 50 countries with Bahrain also being a victim. Recently, the country’s top banks issued a warning to financial institutions in the country.
Dubai’s Leading in Blockchain Adoption
Despite the minister's remarks, Bahrain has not made it clear whether it is for or against blockchain technology. In the Middle East, Dubai has been leading the way in terms of rolling out blockchain. However, Mirza’s remarks caught many by surprise but if the government becomes friendly to the blockchain, it will be a major step.
Recently, Bahrain issued a regulatory sandbox permit to Palmex. Palmex is an online exchange backed by Arabian Chain Technology. The chain’s founder Mohammed Alsehli noted that with the license, there will be heightened awareness about the blockchain. The awareness is also projected to increase trade based on token fundraising in the Middle East.