In a history-making transfer, OpenNode to check Bitcoin fee infrastructure in Bahrain through the Central Financial institution of Bahrain’s Regulatory Sandbox
LOS ANGELES, Sept. 13, 2022 /PRNewswire/ — As the primary of many bulletins to come back from the area, OpenNode intends to check a bitcoin fee processing and payouts answer through the Central Financial institution of Bahrain (“CBB’s”) Regulatory Sandbox. Bitcoin funds had been non-existent within the island nation till now, which highlights the rising curiosity in Bitcoin all through the Center East. OpenNode intends to offer the infrastructure to assist the nation develop its economic system and can showcase why Bitcoin is synonymous with higher enterprise.
Bahrain is broadly thought to be having developed the primary post-oil economic system within the GCC by investing in tourism and banking. In 2017, the CBB launched the Regulatory Sandbox to develop the nation’s FinTech ecosystem and enhanced it in 2021 to transition in the direction of a extra numerous digital economic system. The CBB licensed OpenNode to take part within the new Regulatory Sandbox Framework that permits FinTech companies to check their concepts and options within the Kingdom.
By introducing the infrastructure for bitcoin-based transactions, OpenNode intends to carry fee innovation to Bahrain in what guarantees to be the beginning of one thing large.
“This is a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole. 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,” says Afnan Rahman, CEO and Co-Founder at OpenNode.
OpenNode, the world’s main “Bitcoin-as-a-payment-network” infrastructure firm, is at the moment lively in additional than 160 nations all over the world.
Commenting on this announcement, Dalal Buhejji, Govt Director – Funding Growth for Monetary Companies on the Bahrain Financial Growth Board mentioned, “We are proud to have worked with the Central Bank towards establishing a strong financial services ecosystem within the Kingdom of Bahrain. As a rustic, we’ve got at all times been forward of the curve in adopting Fintech options because of our regulator’s flexibility and ahead considering.
Monetary providers is a crucial sector inside our economic system, and fintech platforms such because the one quickly to be examined by OpenNode are important to make sure we proceed to innovate whereas concurrently adhering to greatest regulatory measures.”
For media inquiries, please contact Tim Stuart at (818) 699-8193 or tim(at)opennode(dot)com.
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OpenNode is the main “Bitcoin-as-a-payment-network” infrastructure firm, servicing firms in additional than 160 nations via revolutionary Bitcoin Lightning Community-powered merchandise. OpenNode removes complexity and danger by offering superior expertise options, together with easy no-code, turn-key hosted checkouts, e-commerce plug-ins and APIs for personalized integrations. Appropriate with each Bitcoin pockets, OpenNode is remodeling cash and funds for each enterprise, in every single place. Based in 2017 and backed by influential world traders, OpenNode is on a mission to empower and join the world with Bitcoin.
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