Even though, unlike its neighbors such as Saudi Arabia or the United Arab Emirates, Bahrain is yet to clarify its official position on digital assets and distributed ledger technology, that might be about to change. Speaking at the SmartSec Cyber Security and Blockchain Conference, Dr. Abdulhussain Mirza, the country‘s Minister of Electricity and Water Affairs, praised the emerging blockchain technology, labeling it a ‘true mark of progress.’
Mr. Mirza holds a position in the Supreme Committee for Information and Communication Technology (SCICT), a body that is responsible for technological development in Bahrain. The conference is taking place in the capital city of Manama and the minister encouraged local companies to take advantage of blockchain technology, which, according to him, is one of the most important advancements in the last decade.
Speaking to local media sources, the minister claimed that, “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.“
He went on to add that, “This is the kind of initiative that we would like Bahraini companies to have so that innovation can arise amongst the great minds of this community. Cyber-security is an essential part of our lives because most of our daily lives involve the use of technology in one way or another.“
According to Mr. Mirza, blockchain has the power to fix one of the most significant issues of our time – cybersecurity. The minister noted that over 60 countries, including Bahrain, were affected by hacker probes last year. He then further added that “the Central Bank of Bahrain recently issued a warning to banks and financial institutions of orchestrated attacks planned at ATMs around the world.“
Bahrain is not a country, associated with crypto adoption, as its regulators have not announced the official stance regarding ICOs, virtual currencies or blockchain. However, the minister‘s bullish sentiment towards blockchain might be an indicator that the winds are about to change.
The country has already granted a sandbox license for crypto exchange Palmex back in July. It allowed the exchange to trial its services, while the officials continue to work on the regulatory framework for digital assets.
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.