OpenNode to test Bitcoin payments in Bahrain
In a history-making move, OpenNode is testing Bitcoin payment infrastructure in the Bahrain via the central bank i Bahrain’s Regulatory sandbox
LOS ANGELES, 13 September 2022 /PRNewswire/ — As the first of many announcements coming from the region, OpenNode intends to test a bitcoin payment processing and disbursement solution via the Central Bank of Bahrain (“CBB’s”) Regulatory Sandbox. Bitcoin payments had been non-existent in the island nation until now, highlighting the growing interest in Bitcoin throughout Middle East. OpenNode intends to provide the infrastructure to help the country grow its economy and will showcase why Bitcoin is synonymous with 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 enhanced it in 2021 to transition to a more diverse digital economy. CBB authorized OpenNode to participate in the new Regulatory Sandbox Framework that allows FinTech firms to test their ideas and solutions in the Kingdom.
By introducing the infrastructure for bitcoin-based transactions, OpenNode intends to bring payment innovation to the Bahrain in what promises to be the start of something big.
“This is a watershed for the people of Bahrainit Middle East and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments and recognized financial institutions to adopt the Bitcoin standard and transact on the lightning network, 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, Managing Director – Financial Services Investment Development at the Bahrain Economic Development Board said, “We are proud to have worked with the Central Bank to establish a strong financial services ecosystem in the Kingdom Bahrain. As a country, we have always been at the forefront of adopting Fintech solutions thanks to our regulator’s flexibility and forward-looking thinking.
Financial services is an important sector of our economy and fintech platforms like the one soon to be tested by OpenNode are essential to ensure we continue to innovate while complying with the best regulatory measures.”
For media enquiries, please get in touch Tim Stuart at (818) 699-8193 or tim(at)opennode(dot)com.
Learn more at www.opennode.com
About OpenNode
OpenNode is the leading “Bitcoin-as-a-payment-network” infrastructure company, serving companies in more than 160 countries through innovative Bitcoin Lightning Network powered products. OpenNode removes complexity and risk by offering superior technology solutions, including simple no-code, turnkey hosting boxes, e-commerce plug-ins and APIs for custom integrations. Compatible with every Bitcoin wallet, OpenNode transforms money and payments for every business, everywhere. Founded in 2017 and backed by influential global investors, OpenNode is on a mission to empower and connect the world with Bitcoin.
SOURCE OpenNode
