Bahrain, once the Middle East’s hub for financial industries, is attempting to regain its footing by allowing companies using cryptocurrency to work in the country on a trial basis, as it considers how to regulate them, reported Bloomberg.

Bloomberg, the economic news website, said Bahrain pledged to implement steps to repair its strained finances widely seen as crucial to help the kingdom receive support from Gulf Arab allies.

Bloomberg said that access to a debt is helping some cash-strapped nations in the Gulf Cooperation Council kick reforms down the road.

In light of Bahrain's economy recently taking a hit from low oil prices, Bahrain economy expert said that the situation represents a challenge, but also an opportunity, clarifying that it would help “really push through economic reforms”.