Bahrain Keen To Position Itself As Fintech Hub
Slowly the countries across the globe are realizing the importance and the opportunities behind the use of cryptocurrencies. Bahrain and India, which didn’t show much interest in cryptocurrencies initially, are now moving towards the various possibilities for adopting cryptocurrencies in their economies.
As reported by The Economic Times, several Indian companies have been invited by Bahrain’s Economic Development Board (EDB) to set up their bases in their country. Most of these companies are related to or working with blockchain technology. So, basically, Bahrain has collaborated with Indian Government and companies in the field of blockchain and crypto-assets.
The main motto of EBD is to bring investments into the country, and the rise of blockchain technology seems to be a great opportunity for getting bigger investors.
Recently Supreme Court of India offered a time of four weeks to the Union government to come up with some regulations about cryptocurrency. So the Union government is trying to understand and make effective regulations about adopting cryptocurrencies. This offer by EBD seems to be an excellent chance to introduce cryptocurrency in the country’s economy. So this collaboration serves both the countries in a very effective way as the two countries have been working hard about adopting cryptocurrency and blockchain technology.
Last year in December, the Maharastra State Government in India signed an MoU with Bahrain’s government for promoting fintech companies in both the countries. According to this agreement, both the countries should actively participate in encouraging fintech educational programs, financial institutes, and universities, etc.
Upon signing the agreement, later in January 2019, University of Bahrain offered to give diplomas in blockchain to mobile learners. Both governments are also widely encouraging new startup ideas related to blockchain and cryptocurrency.
The Indian authorities have so far been highly cautious and skeptical regarding the adoption of blockchain in finance in general and cryptoassets in particular, effectively banning banks from dealing with companies involved in crypto. Indian corporates, on the other hand, have been far more receptive to the possibilities of using crypto and blockchain. Could this collaboration with Bahrain be the catalyst that nudges India towards wider adoption of crypto and blockchain?