Bitcoin Payment Solution In Trial Phase By Bahrain Central Bank Via OpenNode

According to the latest press release published on September 13, OpenNode is undergoing trials of using bitcoin payments along with the Central Bank of Bahrain’s Regulatory Sandbox application that is curated specifically for Fintech applications. The primary aim of OpenNode is to show the propensity of Bitcoin to improve and spur the growth of Bahrain’s economy and business sector. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.

000 Free Spins every month, only at mBitcasino. Play Now! OpenNode states that this solution is motivated by the booming interest in the FinTech economy and digital assets all over the Middle East and other parts of the world. Basically, CBB’s Sandbox will serve as the testing ground in facilitating BTC payments which were made possible until now.

The Sandbox was initially set up for Bitcoin testing in 2017 with the goal of augmenting Bahrain’s FinTech ecosystem. The Sandbox was hereinafter developed further to become inclusive specifically to cater to an expansive digital economy. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Related Reading: BitGo Slaps Galaxy Digital With $100 Million Suit After Scrapping Buyout Deal OpenNode To Boost Bahrain’s FinTech Economy According to Dalal Buhejji, Executive Director for Investment Development for Financial Services (Bahrain Economic Development Board), the Kingdom of Bahrain has used this new mechanism for testing cutting-edge FinTech solutions.

Further, OpenNode CEO Afnan Rahman states, “This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole. ” Albeit, this is just the beginning of the many FinTech developments bound to happen in the region. As of now, the infrastructure of OpenNode remains active as its operations stretch to over 160 countries all over the world.

This is an opportunity for Bahrain and the rest of the Middle East to jump into embracing the Bitcoin standard as well as making transactions on the lighting network, making Bahrain at par with the rest of the world in terms of adopting Bitcoin solutions. Further, OpenNode’s payment solution will open up more opportunities to build upon and develop more FinTech products in the coming years. Bahrain: Diversifying The Digital Space Bahrain is definitely dead-set to focus on developing the environment and diversifying the digital space for crypto-backed businesses to thrive.

Dissecting the OpenNode framework, you’ll see how crypto products can be tested in real-time in a well-controlled setting. Bahrain’s continuous development of the Bitcoin payment processor highlights the country’s thrust toward improving the crypto space. For instance, Bahrain has already allowed more crypto businesses to be set up in the region.

In May 2022, Binance, a cryptocurrency exchange platform, has been allowed by the CBB to provide extensive financial services in the region. CBB has granted Binance a Category 4 license making the company the first-ever crypto exchange to get such license in the country. Related Reading: Why This Crypto Billionaire Has Entered The Race To Build Space Habitats Crypto total market cap at $950 billion on the daily chart | Source: TradingView.

com Featured image from Crast. net, Chart: TradingView. com Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.

Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Jet Encila Freelance writing is Jet’s other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons.

Other than that, he’s just like everybody else who wants to be happy with their life. Related Posts Indian Crypto Traders Move To Binance And FTX, Here’s Why! 5 hours ago Crypto Scam and Investments Duped Over $242 Million In Australia 8 hours ago BitGo Slaps Galaxy Digital With $100 Million Suit After Scrapping Buyout Deal 17 hours ago Why This Crypto Billionaire Has Entered The Race To Build Space Habitats 19 hours ago Why Kiyosaki Is Saying Now’s The Ideal Time To Invest In Crypto 21 hours ago Russia To Finalise Rules On Cross Border Crypto Payments By The End Of 2022 1 day ago.