The central bank of Bahrain will test a Bitcoin payment processing system
The Central Bank of Bahrain (CBB) intends to launch a Bitcoin (BTC) payment processing and payout solution in collaboration with OpenNode, a BTC payment processor.
In a news release issued on September 13, OpenNode said that the solution was inspired by the Middle East’s rising interest in digital assets. The corporation emphasized that the proposed solution would be essential for promoting economic development and assisting enterprises.
“This is a pivotal time for the Bahraini people, the Middle East, and the Bitcoin economy as a whole. OpenNode’s premier Bitcoin infrastructure solution continues to open the path for nations, governments, and respected financial institutions to embrace the Bitcoin standard and transact on the lightning network, according to OpenNode CEO Afnan Rahman.”
Once implemented, according to OpenNode, the payment system will pave the way for the future development of comparable goods.
According to Dalal Buhejji of the Bahrain Economic Development Board, the Bitcoin payment option is a component of the expanding digital economy inside a controlled environment.
Indeed, Bahrain has lately focused on strengthening the climate for crypto enterprises with the release of the Regulatory Sandbox, which aims to promote the country’s FinTech ecosystem in order to diversify the digital economy.
A portion of the framework enables crypto organizations to perform real-time research in a regulated environment while being monitored by a regulator.
The creation of the Bitcoin payment processor exemplifies Bahrain’s ongoing attempts to grow the cryptocurrency industry. In recent years, the nation has also facilitated the establishment of more commercial bases in the area.
In May 2022, for instance, the CBB issued a Category 4 license to cryptocurrency exchange Binance, enabling the site to provide a broader array of services to consumers in the nation. Binance was the first crypto service provider in Bahrain to get a Category 4 license at the time.