Rare Mention of Blockchain In Bahrain Describes it as “True Mark Of Progress”

Rare Mention of Blockchain In Bahrain Describes it as “True Mark Of Progress”

The government of Bahrain has been one of the most silent since blockchain technology and cryptocurrencies came around. However, this does not mean that the nation is unaware of the potential benefits that could result from exploring the technology.
Speaking to an audience at the SmartSec Cyber Security and Blockchain Conference 2018, Abdulhussain Mirza, Bahrain’s minister of Electricity and Water Affairs confirmed that the government will be committed to supporting the growth of the blockchain technology.
The minister is also a part of the Supreme Committee for ICT as mentioned in the report. He urged the nation’s populace to familiarise themselves with it and even encouraged local companies to start working on blockchain initiatives.

Linking Up Blockchain Technology To Cybersecurity Efforts in Bahrain

The landmark event was the inauguration of SmartSec Cyber Security and Blockchain Conference in Bahrain. It could be a sign that the country is ready to find out what it can achieve with Blockchain technology fully.
“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, especially due to the fact that it can be applied in different companies from different industries including cybersecurity,” Bahrain Minister.
Abdulhussain also urged citizens to be cybersecurity vigilant amid reports of an increase in global cyber-attack statistics. The minister emphasized the importance of electricity in the battle against cyber-attacks when he said,

“The question of information security is very important when we conduct more of our lives digitally, we must ensure that the electricity supply that makes all this digital technology work safely and immune against cyber-attacks.”

Meanwhile, the country has been a little silent regarding its stance on cryptocurrencies like bitcoin. What could perhaps be considered as the most significant event is the decision to give crypto exchange Palmex, a “sandbox” license to operate within the country. This move as reported in June will give “regulators time to adapt legislation as needed.”