Baharin is the follower of Sharia law so it is little surprising to know that their King has allowed such things which cannot be directly controlled by them. But all is well that ends well. I hope the crypto transactions will be regulated in a positive way. Because over-regulation can ruin this entire initiative.
I don't think this will help bitcoin to aim for moon once again because the population is Baharin is extremely low even though they are extremely wealthy. But let's hope for the same!
It is really good considering the rigidity of most countries in the Middle East. These Islamic nations are so strict in accepting changes because of their Islamic law. But Bahrain has recently become a pacesetter in the crypto space. The country is considered one of the freest economies in the Middle East because of its recent flexible economic policies. Although the impact of this news on the bitcoin space might be insignificant, yet it is indeed a win for the industry. Maybe other countries in that region might also consider taking the same step.