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People have been warned about the dangers of dealing in cryptocurrency.Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa added that Bahrain was testing the environment for the digital dinar.
“We have to study the operational, legal and technical aspects amongst other aspects for possible future implementation,” he told MPs yesterday in response to a question.“No private establishment is authorised to issue a digital currency, only the Central Bank of Bahrain (CBB) can do so.”CBB Governor Rasheed Al Maraj, who also attended the weekly Parliament session yesterday, said cryptocurrencies are not considered currencies and are only financial assets invested in a different way.
“We have warned against dealing in cryptocurrency due to its dangers,” he said.“In the case of digital currencies we are working to ensure the future launch would be secure and safe.”Officials have said in the past that the Digital Dinar will complement the paper money and it’s not a replacement.The GDN previously reported in May that instantaneous cross-border payments powered by state-of-the-art technology and digital currency will be piloted by CBB in collaboration with JP Morgan and Bank ABC.
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