Central bank of Bahrain - Central banking

Central Bank of Bahrain to Test Bitcoin Payments Via OpenNode

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Central Bank of Bahrain to Test Bitcoin Payments Via OpenNode:

The Central Bank of Bahrain (CBB) is ready to test a Bitcoin payment processing and payout solution in collaboration with OpenNode.

According to the official press release, OpenNode plans to provide the necessary requirements for the solution.

OpenNode’s CEO and Co-Founder said;

“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.”

This new Bitcoin payment solution is part of regulations towards Bahrain’s digital economy.

Dalal Buhejji, Executive Director – Investment Development for Financial Services at the Bahrain Economic Development Board – said the initiative that is soon to be tested by the payment processor is essential and highlights the need for innovation while simultaneously adhering to the regulatory measures, cryptopotato revealed.

After a decade of speculations, several Gulf states, including Bahrain, have started to embrace the concept of cryptocurrencies.

The kingdom is also looking to attract centralized crypto exchanges by granting Binance a crypto-asset service provider license from the Central Bank of Bahrain (CBB).

Central bank of Bahrain - Central banking
Central bank of Bahrain – Central banking

Meanwhile, Bahrain is the first country in the Middle East where Binance received a green momentum to offer fully regulated services through the Cooperation Council for the Arab States of the Gulf (GCC).

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