The Central Bank Bahrain announced the launch of the adjustable «sandbox» for companies using blockchain technology and cryptocurrency in their activities.
Last December, the Office has prepared a number of proposals for control and licensing digital assets. To check the formed concepts, a new sandbox is opened, which will allow companies to work in this direction for 9 months on an experimental basis.
According to representatives of the Central Bank of Bahrain, the initiative should accelerate the release of products to the market, allowing participants to test their solutions in a limited space and with limited transactions. The regulator approved 28 companies.
With the help of the sandbox, the government plans to attract specialists in Crypto Industry to stimulate the growth of the economy to compensate for increasing public debt arising after the oil price collapse in 2014.
The countries of the Middle East began to actively develop the digital economy. Recently, the UAE Central Bank reported that six commercial banks of Saudi Arabia and the United Arab Emirates will take part in the state cryptocurrency project