By Alicia Maher
OpenNode, a leading BTC payment infrastructure company, wants to test BTC payment in Bahrain. The company would be using the Regulatory Sandbox of the country’s central bank.
OpenNode Tests BTC Payment Infrastructure In Bahrain
In a historic move, OpenNode has announced its intention to test its BTC payment solution through the CBB’s (Central Bank of Bahrain) Regulatory Sandbox. Before now, BTC payment was not available in the Island country.
The recent development shows the high interest in BTC in the Middle East. According to reports, OpenNode’s BTC infrastructure will help the nation to expand its economy.
Additionally, it will push BTC forward as a suitable alternative for better business. Meanwhile, Bahrain is said to have created the first successful economy in GCC after the oil boom subsided.
The island nation had invested in banking and tourism. In 2017, the nation’s central bank introduced the Regulatory Sandbox.
The Sandbox aimed to develop the nation’s financial technology system. Also, it would prepare the economy to transition to the digital sphere as the world goes digital.
According to reports, the central bank has given OpenNode the go-ahead to use the country’s Regulatory Sandbox. This technology allows fintech firms such as OpenNode to test their solutions and ideas.
OpenNode’s payment solution is set to bring innovation to the country. Also, it would expand the usage of BTC for payment purposes in the region.
OpenNode To Increase BTC Adoption In The Middle East
Afnan Rahman, OpenNode CEO, said this is a welcome development for the BTC community, the Middle East and Bahrain. Rahman added that the BTC infrastructure would allow governments, financial institutions, and countries to embrace BTC.
Commenting on the recent development, Dalal Buhejji, an Executive Director at Bahrain’s Economic Development Board, stated that the board was happy to work with the central bank. According to Buhejji, Bahrain has been taking the lead in terms of adopting fintech initiatives.
The executive also applauded the country’s regulator for its forward-thinking and flexibility. The regulator’s stance toward new technologies has helped the country’s financial system to grow.
Buhejji concluded by saying:
“Financial services are very important in any economy. Hence, our country has opened its door to fintech platforms such as OpenNode to test their solutions. This will allow our economy to grow and innovate while still upholding best regulatory practices.”
OpenNode is the world’s top “BTC-as-a-payment-network” infrastructure company. Currently, it is actively operating in about 160 countries across the globe.
In addition, OpenNode eliminates the risk and complexity of adopting new technologies by providing superior solutions. Such solutions include simple no-code, e-commerce plug-ins and turn-key hosted checkouts for customized integration.