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Central Bank of Bahrain plans to test bitcoin payments via OpenNode

Cryptocurrencies are clearly striving for widespread adoption. Global nations that are visionary and have conducted a thorough examination of the untapped potential of cryptocurrencies are on the route to adoption.

While some embrace the trend out of fear of missing out, others recognise the promise of cryptocurrency. The Central Bank of Bahrain is planning to test bitcoin payments via OpenNode.

OpenNode, a provider of Bitcoin infrastructure, announced on September 13 that it would test a Bitcoin payment processing and payments solution in the regulatory sandbox of the Central Bank of Bahrain (CBB). The monarchy has made a number of efforts to enter the cryptocurrency economy, both independently and as a member of the Cooperation Council for the Arab States of the Gulf (GCC).

OpenNode to test Bitcoin payments in Bahrain

Although Bahrain has been supporting fintech companies to its shores for the past few years as it transforms away from a petroleum-based economy, OpenNode will provide the first Bitcoin (BTC) infrastructure in Bahrain. The deal with the CBB was described by OpenNode CEO and co-founder Afnan Rahman as “a watershed event for the people of Bahrain, the Middle East, and Bitcoin.”

The testing ground was first introduced in 2017 in an effort to strengthen the nation’s fintech sector. The sandbox was widened in 2021 to concentrate on developing a more varied digital economy.

According to Dalal Buhejji, executive director for investment development for financial services at the Bahrain Economic Development Board, the small island nation has made use of this capacity for testing new innovations to test out new fintech solutions.

In order to build a strong financial services ecosystem within the Kingdom of Bahrain, “we are happy to have collaborated with the Central Bank” stated Buhejji.

During the testing phase, OpenNode wants to demonstrate to the central bank that Bitcoin has the potential to boost regional businesses and boost the Bahraini economy.

Afnan Rahman, CEO and co-founder of OpenNode, called this a “watershed moment” for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole.

OpenNode’s infrastructure is currently operational in more than 160 nations worldwide, and the company added that this is only the first announcement of many to come from the area.

OpenNode’s industry-leading Bitcoin infrastructure solution continues to open doors for nations, governments, and trustworthy financial institutions to embrace the Bitcoin standard and conduct transactions on the lightning network.

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