OpenNode will make bitcoin payments to the island kingdom by using the fintech digital sandbox of the central bank.
- OpenNode has partnered with the Central Bank of Bahrain to test scalable bitcoin payments.
- A sandbox application is available at the central bank to test payments. It was specifically created for fintech solutions.
- OpenNode aims to show how Bitcoin can strengthen Bahrain's economy and to demonstrate why Bitcoin is synonymous for good business.
OpenNode is a provider of the Lightning Network and Bitcoin infrastructure. According to a press release, OpenNode is currently testing a bitcoin payment solution at the Central Bank of Bahrain (CBB).
CBB's Regulatory Box will be used to provide the necessary proving grounds for testing bitcoin payments in the region. This is a change from the previous release.
In 2017, the testing ground was launched to enhance the country's fintech industry. The sandbox was extended to create a diverse digital economy in 2021.
Dalal Buheji, executive director for Investment Development for Financial Services, at the Bahrain Economic Development Board, noted that the small island nation has used this capability to test new fintech solutions.
Buhejji stated that "we are proud to have collaborated with the Central Bank in order to establish a strong financial services environment within the Kingdom of Bahrain."
OpenNode will demonstrate to the central bank during the testing phase that Bitcoin can expand the Bahraini economy by strengthening local businesses.
Afnan Rahman (CEO and co-founder of OpenNode) stated that this is a crucial moment for Bahraini, Middle East, and Bitcoin economies as a whole.
OpenNode also stated that this announcement is only one of many coming from the region. OpenNode currently has infrastructure in more than 160 countries around the world.
Rahman stated that OpenNode's top-of-the-line Bitcoin infrastructure solution continues to make it possible for governments, countries, and reputable financial institutions worldwide to adopt the Bitcoin standard to transact on the lightning networks.
By: Shawn Amick
Title: OpenNode Is Testing Bitcoin Payments With The Central Bank Of Bahrain
Sourced From: bitcoinmagazine.com/business/central-bank-of-bahrain-tests-bitcoin-payments
Published Date: Tue, 13 Sep 2022 15:42:58 GMT
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