Home CryptocurrencyAltcoin OpenNode sets up BTC payment infrastructure in the Bank of Bahrain regulatory sandbox

OpenNode sets up BTC payment infrastructure in the Bank of Bahrain regulatory sandbox

by SuperiorInvest

Bitcoin infrastructure provider OpenNode will test Bitcoin payment and payout processing solutions in the Central Bank of Bahrain’s (CBB) regulatory sandbox, the company he announced 13th of September. This is the latest of several steps the kingdom has taken to join the crypto economy both independently and as a member of the Gulf Cooperation Council (GCC).

OpenNode will provide the first bitcoins (BTC) infrastructure in Bahrain, although the island nation in the Persian Gulf was luring fintech companies to its shores over the past few years as it transitions away from an oil-based economy. OpenNode CEO and co-founder Afnan Rahman called the deal with CBB “a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole.”

Bahrain Economic Development Board Investment Development for Financial Services Executive Director Dalal Buhejji commented on the addition of OpenNode to the CBB sandbox:

“As a country, we have always been at the forefront of adopting fintech solutions thanks to our regulator’s flexibility and forward thinking.”

However, Bahrain it is unlikely to break out of Dubai as the most crypto-forward in the Persian Gulf region.

CBB established a regulatory sandbox in 2017 and enhanced it in 2021. Also in 2021 Bahrain licensed a local Sharia complaint crypto exchange CoinMENA.

Related: Bahrain is looking to become a Middle East pioneer in blockchain

CBB this year licensed by Binance to operate in the country, making Binance the first international crypto exchange to be licensed in the GCC. That too works with JPMorgan Chase‘s Onyx crypto unit to create an instant cross-border payment solution.

OpenNode is currently active in more than 160 countries, including El Salvador. The company was founded in 2018 with financing from venture capital Tim Draper and his Draper Capital.

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