Bitcoin payment solution in trial phase by Bahrain Central Bank via OpenNode
According to the latest press release published on September 13, OpenNode is undergoing trials using bitcoin payments alongside the Central Bank of Bahrain’s Regulatory Sandbox application curated specifically for Fintech applications.
The main objective of OpenNode is to show Bitcoin’s propensity to improve and stimulate the growth of Bahrain’s economy and business sector.
OpenNode states that this solution is motivated by the booming interest in the FinTech economy and digital assets across the Middle East and other parts of the world.
Initially, CBB’s Sandbox will act as the testing ground to facilitate BTC payments that were made possible until now.
The sandbox was originally set up for Bitcoin testing in 2017 with the aim of strengthening Bahrain’s FinTech ecosystem. The sandbox was then further developed to become inclusive especially to accommodate an expansive digital economy.
OpenNode to boost Bahrain’s FinTech economy
According to Dalal Buhejji, Executive Director of Investment Development for Financial Services (Bahrain Economic Development Board), the Kingdom of Bahrain has used this new mechanism to test cutting-edge FinTech solutions.
Furthermore, OpenNode CEO Afnan Rahman states, “This is a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole.”
Admittedly, this is only the beginning of the many FinTech developments that will take place in the region. As of now, the infrastructure of OpenNode remains active as its business extends to over 160 countries worldwide.
This is an opportunity for Bahrain and the rest of the Middle East to step in to embrace the Bitcoin standard as well as transact on the lighting network, putting Bahrain on par with the rest of the world when it comes to adopting Bitcoin solutions.
Furthermore, OpenNode’s payment solution will open up more opportunities to build on and develop more FinTech products in the years to come.
Bahrain: Diversifying the digital space
Bahrain is definitely ready to focus on developing the environment and diversifying the digital space for crypto-backed businesses to thrive.
By dissecting the OpenNode framework, you will see how crypto products can be tested in real-time in a well-controlled setting.
Bahrain’s continuous development of its Bitcoin payment processor highlights the country’s efforts to improve the crypto space. For example, Bahrain has already allowed several crypto businesses to be established in the region.
In May 2022, Binance, a cryptocurrency exchange platform, has been granted permission by the CBB to provide comprehensive financial services in the region. The CBB has granted Binance a Category 4 license, making the company the first ever crypto exchange to receive 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
