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According to the latest press release published on September 13, OpenNode is testing the use of bitcoin payments with the Central Bank of Bahrain’s Regulatory Sandbox application, which is specially designed for Fintech applications.

The main objective of OpenNode is to show Bitcoin’s propensity to improve and stimulate the growth of Bahrain’s economy and business sector.

OpenNode says this solution is driven by the growing interest in the FinTech economy and digital assets throughout the Middle East and other parts of the world.

Basically, the CBB Sandbox will serve as a testing ground to facilitate the BTC payments that were made possible until now.

The Sandbox was originally set up for Bitcoin testing in 2017 with the aim of augmenting Bahrain’s FinTech ecosystem. The Sandbox was then developed to become inclusive specifically to respond to an expanding digital economy.

OpenNode to Boost Bahrain’s FinTech Economy

According to Dalal Buhejji, Executive Director of Investment Development for Financial Services (Bahrain Economic Development Board), the Kingdom of Bahrain has used this new mechanism to test cutting-edge FinTech solutions.

Additionally, OpenNode CEO Afnan Rahman says, “This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole.”

Although this is only the beginning of the many FinTech developments that will occur in the region. At present, OpenNode’s infrastructure remains active as its operations span over 160 countries around the world.

This is an opportunity for Bahrain and the rest of the Middle East to embark on the adoption of the Bitcoin standard as well as transacting on the lighting network, which puts Bahrain on par with the rest of the world. world in terms of adoption of Bitcoin solutions.

In addition, OpenNode’s payment solution will open up more opportunities to build on and develop more FinTech products in the years to come.

Bahrain: diversifying the digital space

Bahrain is definitely determined to focus on developing the environment and diversifying the digital space for crypto backed businesses to thrive.

By dissecting the OpenNode framework, you will see how cryptographic products can be tested in real time within a well-controlled framework.

Bahrain’s continued development of the bitcoin payment processor highlights the country’s drive to improve the crypto space. For example, Bahrain has already allowed more crypto businesses to be established in the region.

In May 2022, Binance, a cryptocurrency exchange, was licensed by the CBB to provide extensive financial services in the region. CBB granted Binance a Category 4 license, making the company the first-ever crypto exchange to obtain such a license in the country.

Crypto total market cap at $950 billion on the daily chart | Source: TradingView.com

Featured image from Crast.net, Chart: TradingView.com



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