According to the latest development, the central bank of Bahrain is working with Bitcoin payment infrastructure firm OpenNode to trial BTC payments and payment solutions in the country. This test will be carried out through a regulatory Sandbox of the Central Bank of Bahrain. Until now, Bitcoin payments have been non-existent on the Middle Eastern island. However, there is a growing interest in Bitcoin in Bahrain similar to the entire Middle East. As part of the associationOpenNode will offer the payment infrastructure to help Bahrain grow its economy and explain why the bitcoin adoption could generate better business. In recent years, Bahrain has undertaken some post-oil economic measures. This includes the construction of its tourism, as well as the banking industry. In 2017, the Central Bank of Bahrain (CBB) launched the regulatory sandbox to develop the country’s first FinTech ecosystem. Last year, in 2021, they further enhanced the sandbox for transitioning to a more diverse digital economy. The central bank of Bahrain authorized OpenNode to participate in the new sandbox regulatory framework that will allow FinTech companies to test their ideas and solutions. By offering an infrastructure for Bitcoin-based transactions, OpenNode will bring payment innovation to Bahrain. Afnan Rahman, CEO and co-founder of OpenNode, said:
This is a defining 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.
Construction of financial services infrastructure
The Middle Eastern nation of Bahrain is interested in building and improving its financial services infrastructure in the country. In addition, boosting the growth of FinTech is an incentive for the country, considering that its neighbors, such as the United Arab Emirates, are already accelerating these developments. Speaking about the development, Dalal Buhejji, Executive Director – Investment Development for Financial Services at the Bahrain Economic Development Board, said:
We are proud to have worked with the Central Bank to establish a strong financial services ecosystem within the Kingdom of Bahrain. As a country, we have always been at the forefront in the adoption of Fintech solutions thanks to the flexibility and vision of the future of our regulator.Financial services is an important sector within our economy, and fintech platforms like the one soon to be piloted by OpenNode are essential to ensure we continue to innovate while adhering to the best regulatory measures.
As said, OpenNode is one of the main infrastructure companies to offer services of Bitcoin payment. It is currently active in more than 160 countries around the world. Its huge presence in the market would also be beneficial for Bahrain.
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