GCC Region Poised To Get First Bitcoin Exchange
The exchange has great potential of revolutionizing the crypto space if it becomes a hit in the region.
The implication of Rain’s Alleged Operations Within GCC
The Rain trading platform might expand its operations into the GCC region. Reports about the expansion started to circulate early this week. The exchange is based in Bahrain and it under bitcoin developer Jimmy Song.
GCC is a region in the Middle East that is made up of countries within the Persian Gulf. Only Iraq is not a member. It is made up of countries with rich oil reserves making it a centralized wealth region.
If the reports about Rain’s entry into the region are true, the exchange will be out to accomplish two main goals. First, it will be a new push for adoption of cryptos in the region since it is a new market. Secondly, it will be to mitigate some of the concerns that have arisen on the regulation aspect.
The local economy among GCC member states is poised to spike due to the oil trade and state spending. Individual investors will have a backing to pump their money into the cryptocurrency sector. Investment in the sector is viewed as a huge risk but it harbours a positive economic outlook in the long run. Additionally, more locals will come on board once the crypto sectors start earning profits for investors.
The exchange’s services might go online, something that has the potential of promoting quick adoption. If services are online, other countries will be inclined to follow the example of Venezuela and unveil a cryptocurrency that has the support of the oil sector. Rain might come in handy to help the Middle East countries get the best out of the oil industry. The crypto industry holds a great potential in this region.
It is key to highlight that Rain began operations last year after receiving approval from Bahrain’s Central Bank under the FinTech trial. The initiative seeks to offer an environment where entities can test new products and models without going the long route of regulations and costs.
By 2015, Bahrain witnessed $22 billion in fintech investments. Since then the sector has been growing gradually. If Rain becomes a success in the GCC region, more firms related to cryptos are expected to come on board which will in return boost the economy of Bahrain.
The exchange is a clear indication of how the adoption of cryptos can help bitcoin spread. The success of Rain will have a great impact on the global cryptocurrency sector.