OpenNode wants to test a bitcoin payment processing and payments solution through the Central Bank of Bahrain's (“CBB's”) Regulatory Sandbox, the first of many announcements from the region. Bitcoin payments were previously unavailable on the island nation, highlighting the growing interest in Bitcoin throughout the Middle East. OpenNode seeks to provide infrastructure to assist the country's economic growth and to demonstrate why Bitcoin is synonymous with better business.
Bahrain is often recognized as the GCC's first post-oil economy, having invested in tourism and banking. The CBB developed the Regulatory Sandbox in 2017 to strengthen the country's FinTech ecosystem, and it will be expanded in 2021 to transition to a more diverse digital economy. The CBB approved OpenNode's participation in the new Regulatory Sandbox Framework, which allows FinTech companies to test their ideas and solutions in the Kingdom.
OpenNode seeks to bring payment innovation to Bahrain by offering the infrastructure for bitcoin-based transactions, which promises to be the start of something huge.
“This is a watershed moment for Bahrainians, the Middle East, and the Bitcoin economy in general. The premier Bitcoin infrastructure solution from OpenNode continues to open the path for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network “According to Afnan Rahman, CEO and Co-Founder of OpenNode.
OpenNode, the world's leading “Bitcoin-as-a-payment-network” infrastructure provider, is now active in over 160 countries.
Commenting on this announcement, 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.”
OpenNode is the leading “Bitcoin-as-a-payment-network” infrastructure company, servicing companies in more than 160 countries through innovative Bitcoin Lightning Network-powered products. OpenNode 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.