Central Bank of Bahrain to get BTC payment solution
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’.
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.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.