OpenNode gets approval to test Bitcoin payments in Bahrain
Bitcoin payment provider OpenNode will test its bitcoin payment solution in Bahrain following approval from the Central Bank of Bahrain.
CBB launched its Regulatory Sandbox in 2017, in order to allow FinTech startups to experiment with innovative banking and financial solutions under friendly regulatory oversight.
OpenNode will leverage the central bank’s Regulatory Sandbox framework to test the bitcoin payment infrastructure. A successful trial period will increase the use of bitcoin-based transactions in the country.
OpenNode CEO Afnan Rahman said:
“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.”
According to Bahrain government Dalal Buhejji, the move by OpenNode to test the bitcoin payment with the CBB’s approval will open endless opportunities for innovations from FinTech platforms while complying with set regulations.
Countries are embracing crypto payments
Several countries have turned to crypto-based payments to help improve both local and cross-border transactions.
Russia has struggled financially following sanctions from the US and UK. As a result, the government has turned its attention to developing a digital platform that will allow it to settle cross-border payments using stablecoins.
Expectedly, Russia will accelerate the process of developing rules that will guide crypto payments before December 2022. Prime Minister Mikhail Mishustin confirmed that the uninterrupted nature of crypto payments will be beneficial for the country in its current circumstances.
Latin American-based Travelex bank partnered with Ripple to facilitate cross-border payments across Brazil and Mexico using Ripple’s On-Demand Liquidity (ODL) solution.
According to Ethereum co-founder Vitalik Buterin, as crypto payments become cheaper, it could be a “big boost for international business and payments in countries.”
