‘A Huge Step Forward’: Bahrain Minister Hails Blockchain Technology, Urges Adoption

Bahrain FinTech
Advertisement

Bahrain Minister of Electricity and Water Affairs, Dr. Abdulhussain Mirza has called blockchain technology a “true mark of progress” as he urges companies to take full advantage of its benefits.

Speaking at the SmartSec Cyber Security and Blockchain Conference 2018, Mirza said the blockchain technology is an “important advancement” that helps us find a secure way to “facilitate transactions”,  News of Bahrain reports.

“Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions. Blockchain’s ability to protect user’s data is a true mark of progress, because it can be applied in different companies from different industries including cybersecurity.”

The Minister also urged Bahraini companies to embrace the initiative as it has the power to promote “innovation” among the “great minds of the community.” He also spoke on cybersecurity and its threat to the global community. According to Mirza, “cyber-security is an essential part of our lives,” and the threat of cyber attacks should not be taken lightly.

“These global cyber-attacks affected more than 60 countries including Bahrain last year, and the Central Bank of Bahrain recently issued a warning to banks and financial institutions of orchestrated attacks planned at ATMs around the world,” he added.

Bahrain has remained silent on where it stands with blockchain and cryptocurrencies, while Dubai has continued to revolutionize the region with giant strides made in the use of blockchain, Internet of Things and Artificial Intelligence. Mirza’s words is an unexpected voice of reason in an area that is not known for taking bold steps.

Nonetheless, the country issued a regulatory sandbox license to Palmex, a digital asset exchange funded by ArabianChain Technology, allowing it to trail it services as regulators set the stage and consider necessary controls for trading digital assets.

ArabianChain founder and CEO Mohammed Alsehli had said at the time, “As the only regional digital asset exchange with a Sandbox license, we expect to see a significant rise in awareness and adoption, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system.”

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.

Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

POSTED IN: News
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.