Opennode, a bitcoin payment infrastructure firm, recently said it will run trials of its bitcoin processing and payout solution through the central bank in Bahrain’s regulatory sandbox. According to Dalal Buhejji, an executive director of the Bahrain Economic Development Board, the central bank’s sandbox helps ensure that fintechs will continue to innovate and follow 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 disbursement solution via the Central Bank of Bahrain (CBB) regulatory sandbox.” In a statement, the company said the infrastructure it plans to provide will help Bahrain “grow its economy and will show why Bitcoin is synonymous with better business.”
Through the CBB’s regulatory sandbox, Opennode is authorized to conduct tests of its crypto payment solution within the territory of Bahrain. Commenting on the central bank’s decision to approve Opennode’s attempt, Dalal Buhejji, an executive director at the Bahrain Economic Development Board, said:
“We are proud to have worked with the Central Bank to establish a strong financial services ecosystem in the Kingdom of Bahrain. As a country, we have always been at the forefront of adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking. »
Buhejji added that CBB’s sandbox helps ensure that Bahraini fintechs will continue to innovate while following best regulatory practices.
Adopt the Bitcoin standard
For his part, Afnan Rahman, CEO and co-founder of Opennode, described the company’s planned tests as a watershed not only 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.
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