THELOGICALINDIAN - The Central Bank of Bahrain has awarded bitcoin technology provider Belfrics Global a head authorization to accessible and accomplish a cryptocurrency barter in the Arabian Gulf nation As such Belfrics is appear to accept become the aboriginal aggregation to accept an official authorization to accessible a cryptocurrency barter in the Middle EasternNorth African region
Also Read: Belfrics Begins Roll-out of African Bitcoin Exchanges in Kenya
Central Bank of Bahrain Grants Sandbox License to Belfrics
Malaysian-based cryptocurrency technology provider, Belfrics Global, has auspiciously accustomed a authorization from Bahrain’s axial coffer to accessible a cryptocurrency barter in the nation. The approval accepted by the axial coffer of Bahrain is accepted to accord Belfrics admission to the $50 billion USD agenda transaction industry of the Middle Eastern/North African nation.
The Chairman and CEO of Belfrics Global, Mr. Praveen Kumar Vijayakumar, has accustomed the head licensing, stating “We are aflame to accept this approval from the Axial Bank of Bahrain (CBB) as it provides admission to a $50 billion agenda transaction bazaar in the MENA arena alone. This is a aboriginal of abounding licenses that we are targeting for the year 2018. Bahrain is an ideal arena for us to advertise our cryptocurrency-based acquittal systems, and with the advice of CBB and added axial banks, we will be able to apparatus our character administration solutions application the Belrium Blockchain appealing soon.” Jabeer KM, Belfrics’ Chief Operating Officer, declared the approval as “a absolute alpha for the year 2018,” adding, “We are additionally alive carefully with axial banks in Africa, Middle East and Asia to adapt the cryptocurrency amplitude application our avant-garde KYC-based blockchain, Belrium.”
Belfrics Expands International Operations
The account comprises a aftereffect to announcements from Bahrain’s government in September 2017 that adumbrated the country’s ambition to advance ‘sandbox’ legislation for the cryptocurrency, industryakin, to those allowable by Singapore and the United Kingdom. Alongside the announcement, Khalid Al Rumaihi, the arch controlling of the Economic Development Board of Bahrain, again adumbrated the country’s admiration to affair bonds via broadcast balance technology. The move has been perceived as advised to added Bahrain’s bid to become a bounded fintech hub, admitting the nation’s baby population.
Founded in 2014, the Kuala Lumpur-based aggregation anon operates in Singapore, India, Kenya, China, Indonesia, Malaysia Dubai and Hong Kong, in accession to accouterment point of auction (POS) and added acquittal technology to merchants absent to acquire cryptocurrency as a adjustment of payment. Belfrics’ Singaporean barter comprises what it describes as a ‘global exchange’ that provides cryptocurrency pairings application USD as its abject currency, whilst the company’s added exchanges are declared as ‘local’ – alone alms pairings in the civic bill for the country in which the barter is domiciled. Belfrics has additionally adumbrated its intention to aggrandize its African attendance by aperture exchanges based in Nigeria, Botswana, and Ghana.
What do you accomplish of Belfrics actuality awarded a head authorization to accessible an barter in Bahrain? Share your thoughts in thoughts in the comments area below!
Images address of Shutterstock, Belfrics
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