Bahrain Central Bank is testing a Bitcoin payment solution via an open node.
The most recent press release, which came out on September 13, says that OpenNode is testing bitcoin payments with the Central Bank of Bahrain’s Regulatory Sandbox application, which is designed for Fintech apps.
The main goal of Open Node is to show how Bitcoin can help Bahrain’s economy and business sector grow and become stronger.
According to Open Node, this solution is motivated by the brisk interest in the FinTech economy and digital assets throughout the Middle East and other parts of the world.
Essentially, CBB’s sandbox will serve as a testing ground for facilitating BTC payments, which have previously been made possible.
The sandbox was initially established in 2017 for Bitcoin testing with the goal of supplementing Bahrain’s FinTech ecosystem. The sandbox was later expanded to be more inclusive, specifically to cater to an expanding digital economy.
Bahrain’s Fin Tech Economy Will Benefit From Open Node
Dalal Buhejji, Executive Director for Investment Development for Financial Services at the Bahrain Economic Development Board, says that the Kingdom of Bahrain has used this new method to test cutting-edge FinTech solutions.
“This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole,” says OpenNode CEO Afnan Rahman.
However, this is only the beginning of the many FinTech developments that are bound to occur in the region. Infrastructure for OpenNode is still working, with operations in over 160 countries around the world.
This is a chance for Bahrain and the rest of the Middle East to adopt the Bitcoin standard and use the lighting network for transactions. This would put Bahrain on the same level as the rest of the world when it comes to using Bitcoin solutions.
Also, Open Node’s payment solution will give people more chances to build on it and make more FinTech products in the years to come.
Bahrain is expanding its digital landscape.
Without a doubt, Bahrain wants to improve the environment and make the digital space more diverse so that crypto-backed businesses can do well.
When you dissect the OpenNode framework, you’ll see how crypto products can be tested in real-time in a controlled environment.
Bahrain’s ongoing development of the Bitcoin payment processor demonstrates the country’s commitment to improving the crypto space. For instance, Bahrain has already made it possible for more crypto businesses to open in the area.
Binance, a cryptocurrency exchange platform, was granted permission by the CBB to provide extensive financial services in the region in May 2022. The CBB has given Binance a Category 4 license, making it the first cryptocurrency exchange in the country to get this kind of license.