Kraken home
Kraken home

Central Bank of Bahrain to get BTC payment solution


15, September, 2022

in Crypto Business News

central bank of bahrain
Kraken home

Bahrain is set to trial its first Bitcoin payment solution. The Central Bank of Bahrain (CBB) approved OpenNode’s proposal for setting up a BTC payment infrastructure in the country. It is a BTC payment processor testing its infrastructure at the CBB’s Regulatory Sandbox.

Lately, this gulf state has been working on transitioning its economy to rely more on blockchain and crypto. This move may further help its economy to reap cryptocurrency benefits and provide a better environment for doing business via cryptocurrencies.

OpenNode to test BTC framework at Central Bank of Bahrain

On Tuesday, in a formal press release, the company announced that it would be providing a payout solution for Bitcoin in the country through the Central Bank of Bahrain. In 2017, CBB set up a regulatory sandbox for FinTech startups to bring regularised financial innovation to the country. Now, OpenNode will be using it to test its Bitcoin payment framework.

According to the press release, the company identified no solution for BTC processing in the Middle East. However, there is a ‘growing interest’ in crypto among the investors in the region. The firm decided to establish its infrastructure in Bahrain to strengthen its economy further. Moreover, the firm intends to prove how Bitcoin means ‘better business’.

Eightcap home

Remarks from OpenNode’s CEO

Afnan Rahman is the Chief Executive Officer and the co-founder of the firm. While sharing his views on this trial, he declared it a “watershed moment for the people of Bahrain, the Middle East, and the Bitcoin Economy as a whole.” Further, Rahman mentioned that his company is a leading solution for Bitcoin infrastructure, serving different governments, countries, and financial institutions to embrace BTC settlements for business. Also, he claimed that their framework provides a standard lightning network for transactions.

From petroleum-reliant economy to crypto economy

The Kingdom of Bahrain is a Persian Gulf state whose economy mainly relies on oil and gas. However, it aims to transform its economy through tourism and technological innovation. This also includes relying on blockchain technology and cryptocurrencies.

Previously, the country made several attempts to reshape its economy into a crypto-friendly one. This included registering several exchanges like Binance. It also listed CoinMENA, a crypto exchange compliant with the Sharia laws.

Moreover, its regulatory sandbox is attracting many FinTech companies. This also includes JPMorgan’s crypto firm Onyx. With these steps, the country is seeking to become a pioneer in crypto and blockchain technology in the Middle East.

Eightcap home
Author: Wasay Ali

Author: Wasay Ali

I'm a content writer with adequate SEO knowledge. My hobby is to exercise, read and write. My writing experience currently expands to 2 years and I’ve worked on multiple niches, including finance. My versatility and research skills make me the best at what I do: content & SEO writing. I love writing because it pitches in and helps me learn new things daily.

Share

This site uses cookies, please see ourCookie Policyfor more information.