Opennode, a bitcoin payment infrastructure firm, recently said it will run trials of its bitcoin processing and payout solution through the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Buhejji, an executive director with the Bahrain Economic Development Board, the central bank’s sandbox helps to ensure that fintechs will continue to innovate and adhere to best regulatory practices.
Helping Grow Bahrain’s Economy
A bitcoin payment infrastructure company, Opennode, has said it intends to “test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox.” In a statement, the company said the infrastructure which it plans to provide will help Bahrain “grow its economy and will showcase why Bitcoin is synonymous with better business.”
Through the CBB’s regulatory sandbox, Opennode is authorized to carry out tests of its crypto payment solution within Bahrain’s territory. Commenting on the central bank’s decision to authorize Opennode’s trials, Dalal Buhejji, an executive director 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.”
Buhejji added that the CBB’s sandbox helps to ensure Bahrain fintechs will continue to innovate while adhering to best regulatory practices.
Adopting the Bitcoin Standard
For his part, Afnan Rahman, CEO and co-founder of Opennode, described his company’s planned tests as a watershed not just for Bahrain but the entire Middle East.
“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,” explained the CEO.
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.