According to a report by local media in Bahrain on September 4th, the Bahraini government stressed the importance of blockchain technology to the national economy and urged cybersecurity to remain vigilant.
As part of the National SmartSec Cybersecurity and 2018 blockchain conference audience, Bahrain’s Minister of Electricity and Water Affairs Abdulhussain Mirza seems to confirm the government’s commitment to promoting the blockchain.
Mirza said: “Technology like blockchain has made us a big step in finding a safe way to trade,” added:
The ability of blockchains to protect user data is a true sign of progress, especially as it can be applied to different companies from different industries, including network security.
Bahrain has traditionally remained silent on the blockchain and cryptocurrency positions. While neighboring Dubai has been trying to stimulate the economy through blockchain, Internet of Things (IoT) and artificial intelligence (AI) in recent years, Mirza’s words mark Bahrain’s rare official comment in this area.
Despite this, in June, Bahrain released the first “sandbox” license for Palmex, the first cryptocurrency exchange, allowing it to try out its services while the regulator reviewed and considered the necessary controls.
At the same time, Mirza further warned that it is necessary to improve security by using blockchains and pointed out that “we hope that Bahrain has this security awareness to ensure the development of innovation. Cybersecurity is indispensable in our lives. Part of it because most of our daily life involves using blockchain technology in some way.”
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