Arabian Business reported that Bahrain has held talks with Singapore’s central bank in plans to pilot blockchain project in the island-nation.
Bahrain is looking to the Singaporean model as it develops its own blockchain trial.
“Blockchain will unlock so many different possibilities for business in the way email and internet did years ago. What would prevent Bahrain from becoming a leader in this space in the same way Singapore is?” Khalid Al Rumaihi, Chief Executive at the EDB, told delegates at the GCC Financial Forum in Manama.
Under Singapore’s pilot system, partner banks will deposit cash as collateral with MAS in exchange for MAS-issued digital currency, the central bank’s managing director Ravi Menon announced last year.
Bahraini government officials were working to establish a ‘regulatory sandbox’ to allow fintech players to test new business models and products in compliance with Bahrain’s laws.
Among the commercial transactions blockchain could be used to facilitate are real estate sales, including exchanging title deeds, he said.