According to the latest press release published on September 13, OpenNode is undergoing trials of using bitcoin payments along with the Central Bank of Bahrain’s Regulatory Sandbox application that is curated specifically for Fintech applications.
The primary aim of OpenNode is to show the propensity of Bitcoin to improve and spur the growth of Bahrain’s economy and business sector.
OpenNode states that this solution is motivated by the booming interest in the FinTech economy and digital assets all over the Middle East and other parts of the world.
Basically, CBB’s Sandbox will serve as the testing ground in facilitating BTC payments which were made possible until now.
The Sandbox was initially set up for Bitcoin testing in 2017 with the goal of augmenting Bahrain’s FinTech ecosystem. The Sandbox was hereinafter developed further to become inclusive specifically to cater to an expansive digital economy.
OpenNode To Boost Bahrain’s FinTech Economy
According to Dalal Buhejji, Executive Director for Investment Development for Financial Services (Bahrain Economic Development Board), the Kingdom of Bahrain has used this new mechanism for testing cutting-edge FinTech solutions.
Further, OpenNode CEO Afnan Rahman states, “This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole.”
Albeit, this is just the beginning of the many FinTech developments bound to happen in the region. As of now, the infrastructure of OpenNode remains active as its operations stretch to over 160 countries all over the world.
This is an opportunity for Bahrain and the rest of the Middle East to jump into embracing the Bitcoin standard as well as making transactions on the lighting network, making Bahrain at par with the rest of the world in terms of adopting Bitcoin solutions.
Further, OpenNode’s payment solution will open up more opportunities to build upon and develop more FinTech products in the coming years.
Bahrain: Diversifying The Digital Space
Bahrain is definitely dead-set to focus on developing the environment and diversifying the digital space for crypto-backed businesses to thrive.
Dissecting the OpenNode framework, you’ll see how crypto products can be tested in real-time in a well-controlled setting.
Bahrain’s continuous development of the Bitcoin payment processor highlights the country’s thrust toward improving the crypto space. For instance, Bahrain has already allowed more crypto businesses to be set up in the region.
In May 2022, Binance, a cryptocurrency exchange platform, has been allowed by the CBB to provide extensive financial services in the region. CBB has granted Binance a Category 4 license making the company the first-ever crypto exchange to get such license in the country.
Crypto total market cap at $950 billion on the daily chart | Source: TradingView.com Featured image from Crast.net, Chart: TradingView.com