Bitcoin payment solution under trial by the Bahrain central bank via OpenNode

According to the latest press release published on September 13, OpenNode is being tested for the use of bitcoin payments along with the Central Bank of Bahrain’s Regulatory Sandbox application, curated specifically for Fintech applications.

The main focus of OpenNode is to show Bitcoin’s propensity to enhance and stimulate the growth of Bahrain’s economy and business sector.

OpenNode says this solution is motivated by the growing interest in the FinTech economy and digital assets across the Middle East and other parts of the world.

Basically, CBB’s Sandbox will act as a test bed to facilitate BTC payments that were possible until now.

The Sandbox was initially set up for Bitcoin testing in 2017 with the aim of augmenting Bahrain’s FinTech ecosystem. The Sandbox was further developed to become inclusive specifically to cater for an expansive digital economy.

OpenNode to boost Bahrain’s FinTech economy

According to Dalal Buhejji, Executive Director for Investment Development for Financial Services (Bahrain Economic Development Board), the Kingdom of Bahrain has used this new mechanism to test cutting-edge FinTech solutions.

Additionally, OpenNode CEO Afnan Rahman says, “This is a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole.”

However, this is only the beginning of the many FinTech developments set to happen in the region. As of now, OpenNode’s infrastructure remains active as its operations span over 160 countries around the world.

This is an opportunity for Bahrain and the rest of the Middle East to embrace the Bitcoin standard and transact over the lighting network, making Bahrain on par with the rest of the world in terms of adopting Bitcoin solutions.

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Additionally, OpenNode’s payment solution will open up more opportunities to develop and develop more FinTech products in the coming years.

Bahrain: diversifying the digital space

Bahrain is definitely ready to focus on developing the environment and diversifying the digital space for the prosperity of companies supported by cryptocurrencies.

By analyzing the OpenNode framework, you will see how cryptographic products can be tested in real time in a well-controlled environment.

The continued development of the Bitcoin payment processor by Bahrain highlights the country’s drive towards improving the crypto space. For example, Bahrain has already allowed the creation of more crypto assets in the region.

In May 2022, Binance, a cryptocurrency exchange platform, was authorized by the CBB to provide extensive financial services in the region. CBB has granted Binance a Category 4 license, making the company the first ever cryptocurrency exchange to obtain such a license in the country.

Crypto total market cap at $950 billion on the daily chart | Source: TradingView.com


Featured image from Crast.net, Chart: TradingView.com

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