As the first of several other planned announcements to come from the region, OpenNode intends to test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB’s) Regulatory Sandbox.
Bitcoin payments had “been non-existent in the island nation until now, which highlights the growing interest in Bitcoin throughout the Middle East.” OpenNode intends to “provide the infrastructure to help the country grow its economy and will showcase why Bitcoin is synonymous with better business.”
Bahrain is “widely regarded as having developed the first post-oil economy in the GCC by investing in tourism and banking.” In 2017, the CBB launched the Regulatory Sandbox “to develop the country’s FinTech ecosystem and enhanced it in 2021 to transition towards a more diverse digital economy.”
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.”
By introducing the infrastructure for bitcoin-based transactions, OpenNode intends “to bring payment innovation to Bahrain in what promises to be the start of something big.”
Afnan Rahman, CEO and Co-Founder at OpenNode, said:
“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, which claims to be one of the leading “Bitcoin-as-a-payment-networks” infrastructure company, 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 service 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.”
As noted in the update, OpenNode claim to be the leading “Bitcoin-as-a-payment-network” infrastructure company, servicing companies in “more than 160 countries through innovative Bitcoin Lightning Network-powered products.
OpenNode explains that it “removes complexity and risk by providing superior technology solutions, including simple no-code, turn-key hosted checkouts, e-commerce plug-ins, and APIs for customized integrations.”
Compatible with every Bitcoin wallet, OpenNode is “transforming money and payments for every business, everywhere.”
Founded in 2017 and backed by influential global investors, OpenNode is “on a mission to empower and connect the world with Bitcoin.”