Opennode, a bitcoin payment infrastructure company, recently said it will conduct trials of a bitcoin processing and payment solution through the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Bouheji, director general of the Bahrain Economic Development Board, the central bank’s sandbox will help ensure fintech innovates and follows best regulatory practices.
Helping to grow Bahrain’s economy
Bitcoin payment infrastructure company OpenNode says it intends to “test bitcoin payment processing and payments solutions through the Central Bank of Bahrain’s (CBB) regulatory sandbox.” In a statement, the company said the infrastructure it plans to provide will enable Bahrain to “grow its economy and demonstrate why bitcoin equates to better business.”
Through the CBB regulatory sandbox, Opennode has been authorized to conduct tests of its crypto payment solution in the Kingdom of Bahrain. Dalal Buheji, Executive Director of the Bahrain Economic Development Board, commented on the Central Bank’s decision to license Opennode’s trials.
“We are proud to work with the Central Bank to establish a strong financial services ecosystem in the Kingdom of Bahrain. As a country, thanks to the flexibility and forward-thinking of our regulators, we have always been ahead of the curve in adopting fintech solutions.”
Buheji added that the CBB sandbox will help ensure that Bahrain’s fintech continues to innovate while adhering to best regulatory practices.
Accepting Bitcoin status
Afnan Rahman, the CEO and founder of Opennode, described his company’s plans as a watershed not only for Bahrain, but for the entire Middle East.
“Opennode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments and leading financial institutions to adopt the Bitcoin standard and create transactions on the Lightning network,” explained the CEO.
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