OpenNode to test Bitcoin payments in Bahrain
As the first of many announcements to come from the region, OpenNode intends to test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain ("CBB's") Regulatory Sandbox. Bitcoin payments had been non-existent in the island nation until now, which highlights the growing interest in Bitcoin throughout the 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 towards a more diverse digital economy. The 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 Bahrain in what promises to be the start of something big.
"This is a watershed 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," says Afnan Rahman, CEO and Co-Founder at 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, Executive Director - Investment Development for Financial Services at the Bahrain Economic Development Board said, "We are proud to have worked with the Central Bank towards establishing a strong financial services ecosystem within the Kingdom of Bahrain. As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator's flexibility and forward thinking.
Financial services is an important sector within our economy, and fintech platforms such as the one soon to be tested by OpenNode are essential to ensure we continue to innovate while simultaneously adhering to best regulatory measures."