In a historic move, OpenNode to test the Bitcoin payment infrastructure Bahrain through the Central Bank of of Bahrain Regulatory sandbox
LOS ANGELES, September 13, 2022 / PRNewswire / – As the first of many announcements from the region, OpenNode intends to test a payment processing and bitcoin payment solution via the Central Bank of Bahrain Regulatory Sandbox (“CBB’s”). Payments in bitcoin had hitherto been non-existent in the island nation, which highlights the growing interest in Bitcoin across the country. Middle East. OpenNode intends to provide the infrastructure to help the country grow its economy and will show why Bitcoin stands for better business.
Bahrain is widely regarded as having developed the first post-oil economy in the GCC by investing in tourism and banking. In 2017, the CBB launched the Regulatory Sandbox to develop the country’s FinTech ecosystem and improved it in 2021 to move to a more diverse digital economy. CBB has authorized OpenNode to participate in the new Regulatory Sandbox Framework which allows FinTech companies to test their ideas and solutions in the Kingdom.
By introducing the infrastructure for bitcoin-based transactions, OpenNode intends to bring innovation to payments Bahrain in what promises to be the start of something big.
“This is a watershed moment for the people of Bahrainthe Middle East and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for reputable countries, governments and financial institutions to adopt the Bitcoin standard and transact on the lightning network, “he says. Afnan RahmanCEO and co-founder of OpenNode.
OpenNode, the world’s leading Bitcoin-as-a-payment-network infrastructure company, is currently active in more than 160 countries around the world.
Commenting on this announcement, Dalal Buhejji, Executive Director of Investment Development for Financial Services at the Bahrain Economic Development Council said, “We are proud to have partnered with the Central Bank to create a strong financial services ecosystem at the interior of the Kingdom of Bahrain. As a country, we have always been at the forefront of adopting Fintech solutions thanks to the flexibility and foresight of our regulator.
Financial services are an important sector within our economy and fintech platforms such as the one soon to be tested by OpenNode are essential to ensure that we continue to innovate while adhering to the best regulatory measures. ”
For media inquiries, please contact Tim Stuart at (818) 699-8193 or tim (at) opennode (dot) com.
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OpenNode is the leading Bitcoin-as-a-payment-network infrastructure company, serving companies in over 160 countries through innovative products based on the Bitcoin Lightning Network. OpenNode removes complexity and risk by providing superior technology solutions, including simple code-free and turnkey checkouts, e-commerce plugins, and API for custom integrations. Compatible with every Bitcoin wallet, OpenNode is transforming money and payments for every business, everywhere. Founded in 2017 and backed by influential global investors, OpenNode has a mission to empower and connect the world with Bitcoin.