OpenNode, a “Bitcoin-as-a-payment-network” infrastructure company, has started testing a Bitcoin payment processing and payout solution in Bahrain, with the Central Bank of Bahrain’s regulatory Sandbox.
OpenNode intends to provide the infrastructure to help the country grow its economy and will showcase why Bitcoin is synonymous with better business.
Bahrain was one of the first to grant a crypto exchange license to RAIN crypto exchange and since then has accepted in Binance and others.
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.
OpenNode intends to bring payment innovation to Bahrain in using Bitcoin.
Afnan Rahman, CEO and Co-Founder at OpenNode, stated”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.”
OpenNode is currently active in more than 160 countries around the world.
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.”
