Sun, 07 February 2021
Economic expert, Ammar Awachi, has highlighted that the kingdom, through the Central Bank of Bahrain, has made strides towards understanding, enabling, and localising the cryptocurrency industry - continuing the path of success achieved by the field of FinTech.
He stressed the importance of boosting awareness about the concept of digital currencies, including Bitcoin, among the Bahraini community considering the significant increase in Bitcoin’s value recently. “Bitcoin is described now as ‘Digital Gold’, referring to investors› reliance on it as a store of value in times of crisis, similar to what happens with gold. Digital currencies are not expected to replace their traditional counterparts during the next five years at least, but they will strengthen their position as a store of value,” explained Mr. Awachi.
“It is imperative that people understand the definition of its working mechanism and how it is used and traded, in addition to digital wallets dedicated that exist in diverse forms of software or electronic services that can store cryptocurrency and conduct transactions,” he concluded.