In collaboration with Bitcoin payment processor OpenNode, the Central Bank of Bahrain (CBB) intends to introduce a payment processing and payout solution for Bitcoin (BTC).
According to a press release issued by OpenNode on September 13, the solution is inspired by the region’s expanding interest in digital assets. The company stated that the solution would be crucial in promoting economic expansion while assisting enterprises.
Key Highlights:
- With the Central Bank of Bahrain, OpenNode is testing a scalable bitcoin payment solution.
- Payments can be tested in a SandBox application that the central bank has created specifically for fintech solutions.
- OpenNode aims to demonstrate how Bitcoin can boost the Bahrain economy and why it is a good business practice.
What does the CEO of OpenNode have to say?
Although Bahrain has been wooing fintech companies to its shores for the past few years as it transforms away from a petroleum-based economy, OpenNode will provide the first Bitcoin infrastructure in Bahrain.
OpenNode CEO and cofounder Afnan Rahman stated, “This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”
Bahrain And The Crypto Sector
After launching the Regulatory Sandbox to create the nation’s FinTech ecosystem and diversify the digital economy, Bahrain has recently concentrated on enhancing the environment for firms in the cryptocurrency field.
A piece of the framework enables crypto organizations to conduct real-time research in a regulated setting while being watched by a regulator.
Bahrain’s ongoing attempts to promote the cryptocurrency industry are highlighted by the creation of the Bitcoin payment processor. In addition, the nation has recently made it easier for more companies to establish bases in the area.
