In a very bid to facilitate the event of blockchain technology within the region, Bahrain has invited Indian corporations to its Fintech sandbox. The Economic Times rumored on March 3.

Bahrain has reportedly proposed a range of opportunities to Indian corporations as their key market in the fields of blockchain, digital assets, open banking, and remittances in an attempt to spice up fintech growth within the country.

Bahrain Economic Development Board (EDB) Senior Manager Dalal Buhejji reportedly said that some Indian corporations applied for the Bahraini fintech sandbox last Dec, whereas EDB conjointly signed a memo of Understanding with the Maharashtra government to develop a framework for the joint promotion of fintech on each markets. Buhejji added:

"Central Bank of Bahrain has put within the right ecosystem to support growth and innovation. we've seen completely different new rules coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory."

The central bank of Bahrain (CBB) launched the regulative sandbox to permit blockchain and crypto corporations to work within the country, pending formalized rules, in Feb of this year. The initiative is ready to modify corporations "to test their solution on a restricted range of users, with a restricted range of transactions,” also on expedite new companies’ entrance into the market.

Later that month, Bahraini shariah compliant cryptocurrency exchange Rain 1st completed the CBB’s regulative Sandbox. The exchange reportedly passed a sharia compliance certification, that was led by a number one shariah law consultancy and audit firm accredited by the CBB , the Shariyah Review Bureau.

In January, the University of Bahrain declared that it might issue diplomas on a blockchain as a part of an overall conversion strategy for mobile learners. To implement the initiative, the university reportedly employs the Blockcerts open normal in partnership with Learning Machine, a startup providing a system to issue verifiable official records employing a blockchain-anchored format.

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